Insurance

The Financial Conduct Authority (FCA) confirmed that over 15 million people with long term illness feel “poorly served” when it comes to having access to travel insurance. Often travel insurance companies will not serve to what they determine to be “non-standard risk”. In one instance, the regulator was informed of a nurse with breast cancer who found the cheapest cover to be £2,800 for trip to Dubai, but luckily she found a specialist provider who provided cover for £800. What did the FCA report find? In the UK, at least 15 million people have a long term health condition and this number is expected to rise to 18 million over the next 10 years. In 2017, the FCA starting working on figuring out how best to address the issue of affordable travel insurance for people with long term illnesses. Their findings led to 3 key issues being identified: Lack of […]

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According to consumer intelligence, drivers with a speeding conviction could be paying an extra £101 a year for their car insurance. The number was determined after comparing 36,000 insurance quotes. On top of the minimum fine of £100 and 3 penalty points, the insurance premium will climb on average by £50. However the biggest increase came from over speeding on the motorway, the so-called SP50 offence which adds £101 to the annual cost. Moreover motorists above the age of 50 faced a tougher punishment too, with car insurance premiums increasing by £58. Speeding fines in the UK can go up to £2,500 and in the UK the number of fixed penalty notices issued has increased by over 30% between 2011 to 2016. Speeding endorsement remains on the motorist’s license for 4 years and insurers ask drivers to declare motor convictions that have happened with the last 5 years. Overall driving […]

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Getting cheaper energy bills may seem like a far dream to many but it is actually possible if you are ready to pay a bit of attention to details. Energy experts like the Energy Saving Trust and many others recommend some quick tips to save energy bills especially in the winter. Follow them to make a drastic cut down on home energy bills. You need to be extra careful in order to save more and spend less on energy this winter. Let us check out the energy saving tips and see how they work out for you. Energy saving tips for UK households: Keep an eye on your energy supplier! Firstly, you should keep a keen eye on your energy supplier. You must know that you are on the cheapest energy tariff. If not then ask your supplier to make you switch to the cheapest energy tariff. Normally, the UK […]

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The shocking truth about the UK’s home insurance market has been revealed by the Financial Inclusion Commission (FIC). The commission which consists of industry experts, peers and Members of Parliament shared that insurance has become a tough bet for many home owners in the UK. They revealed a statistical report which declared that nearly 16 million people in UK are living without content insurance. The commission has also reported that around 60% of home owners with low wages that are earn less than £15,000 or equal, are living without content insurance. They basically cannot change the contents of their home even when it gets damaged. These are also either low wage earners or young couples that live in rented places and thus, cannot afford home or content insurance. The report also mentioned that home insurance providers have paid an average of £2,500 to 1.2 million households who claimed content insurance. […]

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A study by charity network Citizens Advice suggests that UK’s home insurance providers are overcharging their loyal customers. The research done by the service suggested that around 13 million people are overcharged and the elderly are the worst hit. According to the research, home insurance companies charge 70% less to lure new customers to buy new home insurance cover. On the other hand, they charge more from customers that have stayed with them. As most customers aged above 65 years have a tendency to stick to the same home insurance provider, they keep paying 70% more on their home insurance premiums than the new customer. As per statistics, 13 million customers are paying around £110 a year more on their home and content insurance cover than what is offered to the new customers. Companies often charge more when the customer renews their content and home insurance cover and around one […]

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According to industry experts, claims made for home improvements has generated a stir and crisis in the UK home insurance market. As per the reports of EY, the UK home insurance sector would make losses in 2018 as the cost of home repairs increases. Home insurers claim that the rise is due to the increasing repair cost. There are maximum cases of water leak damage, which has become expensive than previous years. The low quality cheap plastic pipes are the cause of leaks and thus frequent repair cost are the biggest reason for increase in home insurance cost. As per statistics, the cost of repairing water leaks has increased from £1,750 in 2013 to any amount more than £2500. The home insurance market seems to be crumbling due to skyrocketing amounts that it is getting paid for claims. Home insurance provider Esure confirmed that it has faced a 14% fall […]

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We cannot deny the necessity of home insurance and content insurance to protect the home from natural calamities, thefts, damage due to unexpected reasons and more. However, it has become a tad bit expensive last year with an added payable amount equal to £131. These statistics are in accordance with the reports by Consumer Intelligence, market specialist for insurance and banking sector. Consumer Intelligence blamed the rise in home insurance premiums on the increasing payment to fraudulent cases and increase in cost of claims. Point to note here is that the rise in home insurance premiums is much more than the increase in the rate of inflation, which is 3%. As per reports, UK home owners are reporting maximum claims for water leakage. Moreover, the rising cost of jewellery has resulted in the increase in content insurance premiums. All of these factors have an overall effect on the home insurance […]

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