Direct Debit insurance 'con'
The average charge each year levied against Britons choosing to pay for home contents insurance via Direct Debit is £31, a new survey shows.Abbey Home Insurance estimates that British households are paying a total of £290 million per year simply for the convenience of paying their home contents insurance premiums by Direct Debit.An estimated 9.3 million people pay for home insurance by Direct Debit and many are not aware that they are often charged for doing so, with 44 per cent of the 215 home contents policies on the market levying a fee for Direct Debit customers.Average APR on charges for payment by Direct Debit is 19.16 per cent per home insurance policy, with the highest rate charged set at 34.9 per cent. This means that, with the average annual premium for contents insurance at £160 a year, customers are paying an average of £31 a year extra for Direct Debit transactions.Prasad Shastri, Abbey head of insurance marketing, said: "Using Direct Debit to buy home insurance is not a service you should be paying for. There is no point using a competitively priced insurer if they then go and add to your annual bill using back-door methods."A recent study by financial website MoneyExpert discovered that car insurance customers pay as much as £182 extra in fees when they opt to pay their premiums monthly by Direct Debit.Consumers are advised to check that they have the appropriate level of home contents cover and are not being charged high additional amounts to pay their premiums by Direct Debit in order to ensure they have the best rate for the level of cover they require.
Shanks Group up for sale
As we covered yesterday, waste management company Shanks Group is currently embroiled in a battle with Carlyle Group which has launched a £1.35 a share offer for the company. The offer values the company at £536 million and while initially Shanks Group had rejected the approach the company has said it is willing to consider doing business at £1.50 a share. So what will happen next? In simple...Read More
Where are the public sector projects?
Just recently the UK government promised to create in excess of 100,000 jobs in the UK by bringing forward a number of public sector projects including the building of schools and other costly ventures. However, like so many of the government's recent policies and announcements there has been very little follow-through and no indication as to when these projects will be brought forward and any sta...Read More
FCO launches new travel insurance campaign
14/08/2015 The Foreign & Commonwealth Office (FCO) has warned holidaymakers against travelling without purchasing the correct travel insurance first. Going away on holiday without insurance, or a “Getaway Gamble”, can end up costing the traveller thousands of pounds if something goes wrong. Recent data from The Association of British Insurers revealed the average travel insurance medica...Read More
Checking life insurance 'important'
With the lives of modern consumers becoming ever-more complex, a life insurance specialist has urged people to consider all their circumstances when checking their policies.Life Direct, a website that offers brokered life insurance products at discounted prices, said that a worrying number of people were risking invalidating their insurance by failing to inform their insurer about changes to their...Read More
Is George Osborne the right man to take over Alistair Darling's job?
Over the last few weeks it has become apparent that George Osborne is looking to take on the role of Chancellor of the Exchequer if, as many believe, the Tory party is victorious at the next general election. Mr Osborne has been in the news on regular occasions over the last few months in a pre-planned strategy to make UK business leaders and consumers more aware of him and what he stands for.