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.
No-claims analysis released by Sainsbury's
No-claims bonuses on home insurance policies should be made less confusing for the customer, a provider has said.Sainsbury's Finance has released new analysis, showing that around 75 per cent of such policies do not provide details on how the discounts work.Further, the provider said that eight per cent of the policies charge an extra penalty on those customers who make a claim during their discou...Read More
Everyone can be protected against gazumping
Internet service OneMove has announced that it is now to widely offer an insurance policy to protect homebuyers against gazumping across England and Wales.The Home Buyers Expense Insurance (HBEI), which costs £69.99, provides cover against common problems that befall people when purchasing property. Customers can expect up to £1,500 of cover for expenses should the worst occur and a seller accep...Read More
Prudential Directors Cancel Orphan Fund Payments
Just a few months ago it was suggested that the Prudential was looking at the possibility of authorising a one-off payment to policy holders in exchange for giving up their future rights to the company’s so called orphan assets. There were rumours that the payment would have been several hundred pounds for each of the company’s 4.5 million policyholders, but the company has decided no...Read More
Have you got wedding insurance for your big day?
While there has been a significant reduction in the number of weddings in the UK over the last decade the cost of the "big day" continues to rise each and every year. With the average wedding now costing a figure approaching £20,000 many people should be looking towards wedding day insurance to cover any potential problems on the big day and in the run-up to the big day.
Car vandalism survey reveals surprising results
A new study into car vandalism conducted by AA Personal Loans has yielded some surprising results for motorists. Traditionally, dimly lit multi-storey car parks are thought of as the places where cars are most likely to fall victim to vandals.However, in the poll of 2,000 drivers just ten per cent said that their car was damaged by vandals in this type of location. Conversely, and somewhat surpris...Read More