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.
RBS in renewed talks to sell stake in insurance division
After the swings and roundabouts of the last few days it has now been revealed that not only will Royal Bank of Scotland (RBS) be receiving a massive cash injection from the government, but it is still in talks to sell off a stake in its insurance operation. Renewed talk in the markets is suggesting the RBS is on the verge of selling a 51% stake in the business (which includes the likes of Church...Read More
Most car insurance companies accepting dashcam footage
07/05/2015 The majority of UK car insurance companies are now accepting dashcam footage as evidence in disputed claims. Dashcams are small cameras that are placed on the driver’s dashboard or windscreen in order to film what is happening on the road ahead of them. Research by Nextbase found that 29 UK car insurance providers would be willing to use dashcam footage as evidence in a disp...Read More
Insurer’s urge Consumers to hide Christmas Gifts
The Association of British Insurers (ABI) has urged Christmas shoppers to hide gifts in the run up to the festive period. This comes after insurance claims last December reached £35m, with 23,000 burglaries reported in relation to stolen Christmas gifts. The most common targets have included parked cars with gifts left inside as well as homes where gifts are left on show or unattended, while...Read More
Simple ways to reduce your car insurance
As UK car insurance policies are renewed up-and-down country each and every year the trend for policy premiums seems to be going higher and higher each year. However, while much of the increase in policy payments is down to uninsured drivers causing damage on the roads it is the humble and honest car driver who is suffering. So what can you do to reduce your future car insurance premiums?
ABI Talks Tough Over Flood Insurance
As more and more UK home owners become acutely aware of the constant risk of flooding, it seem as though last years £3 billion clean up bill was too much for the insurance companies to stomach. The Association of British Insurers (ABI) has come out fighting for its members with claims that more than half a million homes in the UK are at risk of flooding. The ABI is refusing to advise members to...Read More