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Latest Insurance News

The latest news from the insurance sector:

June 18, 2012

Brits ‘careless’ about insuring mobile phones

by Jan Harris
Brits ‘careless’ about insuring mobile phones
Virgin Media says it’s ‘time to shake up the market’ over mobile phone insurance because many people are failing to insurance handsets that can be worth up to £500. A study by the communications firm into consumers’ perceptions of mobile insurance, found that 72 per cent of the 1,000 consumers surveyed had not insured their mobile phone, even though 70 per cent ...




June 15, 2012

Flooding could lead to higher insurance premiums

by Jan Harris
Flooding could lead to higher insurance premiums
Floods currently affecting Wales and south east England could be following by a rise in the price of home insurance premiums, according to analysts. The heavy rainfall could cause some insurance companies to miss their profitability targets, and there is more rain on the way according to the Met Office, with flood warnings in place across the UK. The heavy floods of ...




June 12, 2012

Price of car insurance rising for women

by Jan Harris
Price of car insurance rising for women
The price of car insurance for women is expected to rise in December, when a new EU directive comes into force, but it seems that some insurance companies are already increasing their charges for female customers. The latest data from comparison site Tiger.co.uk shows that the average price of a policy for a male driver fell by 2.3 per cent ...




June 4, 2012

Guide to whiplash claim culture

by Brian Turner
Russell Thomson is an injury claims lawyer working at The Injury Lawyers, who explains that while whiplash is a clear and serious issue, the whole subject of whiplash claims has become badly distorted through insurance companies selling customer details for referral fees.   Like Tony Blair and his “Education, Education, Education” speech at the start of Labours last bout of parliamentary power, the topic we’re looking at here is "Whiplash, ...




Whiplash compensation driven by insurance companies

by Brian Turner
Russell Thomson explains how insurance companies are driving whiplash compensation claims in a bid to chase referral fees. More from the whiplash claims website: Whiplash Claims.   Whiplash claims, whiplash compensation, whiplash injuries – or Whiplash Cash, Whiplash Epidemic, and “the weakest necks in Britain” as the press often title it; whiplash has not escaped the news over the last decade as compensation claims continue to rise together with our car ...




May 31, 2012

Competition Commission to investigate car insurance market

by Jan Harris
Competition Commission to investigate car insurance market
Concerns over "dysfunctional" business practices have led the Office of Fair Trading (OFT) to refer the private motor insurance market to the Competition Commission. A report by the OFT suggests that artificially high charges could be causing car insurance premiums to increase unnecessarily. The problem centres around the referral fees which car hire and repair companies pay to motor insurers. ...




May 23, 2012

Homeserve faces mis-selling investigation

by Jan Harris
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling 'Complete Cover’ policies as an upgrade to existing customers Problems were ...




May 15, 2012

Home insurance may not cover empty properties

by Jan Harris
Home insurance may not cover empty properties
Housing charity Empty Homes has highlighted a clause in many insurance policies which could leave homes uninsured if they are left unoccupied. It is estimated that there are 930,000 empty properties in the UK and while their owners may think they are covered by insurance, this clause could mean that many are actually uninsured The sluggish housing market means that ...




May 11, 2012

PPI compensation could produce tax windfall

by Jan Harris
PPI compensation could produce tax windfall
People who have received compensation after being mis-sold payment protection insurance (PPI) must pay tax on any additional interest on their payout. It is believed that many victims of PPI mis-selling could be underpaying tax. PPI was routinely sold alongside loans and mortgages in order to cover borrowers' repayments if a change in circumstances meant they were unable to keep up ...




April 30, 2012

New Atol rules protect online holiday bookings

by Jan Harris
New Atol rules protect online holiday bookings
A scheme that protects holidaymakers if their tour operator collapses has now been extended to flight-plus holidays booked online. The Air Travel Organisers' Licensing (Atol) scheme will now protect an estimated six million holidaymakers. The scheme is designed to ensure that holidaymakers who book their holiday with an ATOL holder do not lose their money if a tour operator fails, and also ...




April 27, 2012

Car insurance costs fall

by Jan Harris
Car insurance costs fall
The cost of car insurance is starting to fall according to the AA’s British Insurance Premium Index. The average ‘shoparound’ quote for comprehensive car insurance fell by 1.1 per cent to £1,132 by the end of March. The Shoparound premium is an average of the five cheapest premiums quoted by around 50 insurance providers. Over the year to March 2012 the Shoparound index increased ...




April 19, 2012

Consumers can reclaim mis-sold PPI for free

by Jan Harris
Consumers can reclaim mis-sold PPI for free
Consumer groups are encouraging victims of PPI mis-selling to claim their money back themselves, without the help of a claims management company. An intensive 'no win no fee' advertising campaign is tempting many companies to turn to claims management companies to reclaim PPI. moneysavingexpert.com and Which? have now joined forces in an advertising campaign of their own. They have produced a ...




April 18, 2012

Which? highlights unnecessary insurance costs

by Jan Harris
Which? highlights unnecessary insurance costs
According to two separate reports by consumer champion Which?, insurance customers are facing unnecessary costs. Which? has found that 10 out of the 12 largest water companies are promoting pipe insurance from third parties such as Homeserve. This insurance costs consumers more than £100m in total and in many cases it is unnecessary Which? claims. Water companies provide their own repair schemes ...




April 13, 2012

Insurers quicker to hike premiums after offences

by Jan Harris
Insurers quicker with premium hikes after offences
Insurance companies are becoming quicker at raising the price of motor premiums when the driver has committed an offence such as speeding or using a mobile phone, according to the AA. Insurers often used to ignore a first SP30 speeding offence, but it is now likely to result in the driver’s car insurance premiums increasing over three years. The AA’s study ...




April 5, 2012

Black box technology improves young driver safety

by Jan Harris
Black box technology improves young driver safety
The use of telematics technology to monitor the driving habits of young drivers has led to a 20 per cent fall in accidents, according to Co-operative Insurance. This could lead to a reduction in the cost of motor insurance for young drivers, which will be welcome news for many young people who are currently unable to afford soaring premiums. According ...




Insurance industry to signpost services for older customers

by Jan Harris
Insurance industry to signpost services for older customers
A new initiative by the insurance industry and the UK government should make it easier for older customers to find motor and travel insurance. The Association of British Insurers (ABI) has entered into an agreement with the UK Government and the British Insurance Brokers' Association (BIBA), requiring insurers and brokers to refer clients to another provider if they are unable ...




March 30, 2012

Uninsured young driver numbers halved

by Jan Harris
Uninsured young driver numbers halved
A new law allowing the Motor Insurers' Bureau (MIB) to cross-check its database against DVLA records has led to a substantial fall in the number of young people driving without insurance. The Continuous Insurance Enforcement (CIE) law allows MIB to check which vehicles are registered with the DVLA. If a registered vehicle is not listed as insured on its own database it can ...




March 28, 2012

Halifax life-long policy misled pet insurance customers

by Jan Harris
Halifax life-long policy misled pet insurance customers
The Halifax has been found by the Financial Ombudsman Service to have misled customers by offering life-long pet insurance. Halifax, which is part of Lloyds Banking Group, announced its decision to withdraw from the pet insurance market at the end of last year. The Ombudsman’s ruling follows a complaint by the owners of a dog called Lucky, who suffers from ...




March 26, 2012

Which? criticises insurance comparison sites

by Jan Harris
Which? criticises insurance comparison sites
Consumer group Which? claims that price comparison sites may not always find the best insurance deals for consumers. More and more people are turning to price comparison sites such as GoCompare.com , Confused.com and MoneySupermarket.com to help reduce their outgoings, but a report by Which? suggests that consumers can find better deals by contacting an insurance company directly. The report claims ...




March 22, 2012

ABI warns homeowners to watch out for subsidence

by Jan Harris
ABI warns homeowners to watch out for subsidence
The UK has suffered the driest 18 months since records and with the south east and east Anglia already officially in a state of drought the Association of British Insurers (ABI) is warning home owners to be aware of the risk of subsidence. Changing water levels in the ground can cause movement in the foundations of a building, leading to ...