Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
UK government details loans under RBS insurance scheme
The UK government has today issued details of the Royal Bank of Scotland's participation in the asset protection scheme and there is some concern about the make-up of the loans in question. More than half of the £280 billion of loans in the scheme have been agreed with foreign entities, something which is causing concern within the UK government. In reality, the UK taxpayer is paying to ensure lo...Read More
Short-term reduction in car insurance premiums
In a surprising development the AA has revealed a fall of 3.2% in car insurance premiums in the first three months of 2010. This compares to an increase of 18.7% during the whole of 2009 with the average cost of comprehensive car insurance cover now standing at £968. So what does the rest of 2010 hold for the UK car insurance industry? Unfortunately, UK motorists are likely to be hit with an i...Read More
Insurer issues car headlight warning
Four in five drivers do not know the Highway Code's guidelines on using headlights, esure said today.According to the insurer, around one million motorists have also suffered either a road accident or a near-miss due to not turning their lights on.Analysis from esure also shows that "more and more" local authorities are turning off some of their streetlights at night in order to save money - a tre...Read More
One size travel insurance policies not a good fit for cancer sufferers
Travel insurance policies are designed on a "one-size fits all" basis, but this is not always the case, particularly for those with health problems.Travellers who have a pre-existing medical condition, or those who have been diagnosed with cancer often find it difficult to get travel insurance - research carried out by the charity Cancerbackup found that as many as 70 per cent of sufferers who tri...Read More
Home insurance 'will cover Christmas largesse'
Homeowners have been told to rest assured that their home insurance policies will in most cases cover the cost of Christmas presents.Recent research from LV= warned that many homes are at risk of burglary at this time of year, as people leave their expensive items on display because they want to show off their festive lights. As a result, the importance of home insurance is rarely greater than dur...Read More