UK Insurance News

Theft Insurance For Students

John Williams — Tue, 26 Aug 2008 18:28:51 +0000

Students are being urged to take out insurance to cover their personal belongings while at university as most now have expensive personal items like iPods, mobile phones and laptop computers, as well as designer clothing.

While many students frequently change address during their stay at Uni, this needn’t be a problem for insurance purposes as companies such as HomeLet and Endsleigh offer specialist policies which take this into account.

Philip Suter of jml-insurance.co.uk says that parents should take a lead when it comes to contents insurance for their children, as most will simply not even consider the necessity of taking it out.

Random Posts

RBS To Abandon Sale Of Insurance Division

John Williams — Tue, 19 Aug 2008 13:16:30 +0000

Royal Bank Of Scotland has withdrawn its insurance business from sale by auction says a report in the Sunday Times.

Interest in the UK insurance group has waned since the announcement by RBS that it would be sold to the highest bidder. RBS had set a figure of £7billion, which appeared to frighten off the potential buyers.

US Insurance company Allstate is thought to be the only remaining bidder in the auction and they are only prepared to offer £6billion for the RBS group. RBS have always said that they would not be forced into a sale for its insurance division.

The Sunday Times reports that RBS have managed to raise close to £6billion themselves through selling off risky loans and a further £1billion from the sale of its share in Tesco Personal Finance.

Unless Allstate increase their offer for the insurance division, RBS will close the auction.

Random Posts

Hiscox Cover Aimed At Quality Venues

John Williams — Thu, 14 Aug 2008 18:17:37 +0000

For anyone looking for bespoke insurance cover for museums, galleries, exhibition halls, theatres and training centres in the UK, specialist insures Hiscox have announced the launch of it’s new commercial policy, aimed at owners of high quality venues.

The policy will only be available through brokers and cover can be tailored to meet individual requirements. The policy covers buildings and contents, public liability, employers’ liability, loss of income and internet and e mail risks.

There will also be ‘optional extras’ that can be added to the policy to give a fully bespoke insurance package.

Random Posts

Motorists Warned Of Staged Accident Scam

John Williams — Tue, 12 Aug 2008 12:49:59 +0000

The Insurance Fraud Bureau has urged motorists to take extreme caution when driving this summer, as reports of organised gangs deliberately staging accidents to cash in on bogus accident claims, once more hit the headlines.

Last week a gang of twelve such fraudsters were sentenced to a total of ten years in prison, but the warning is that there are more of these gangs still operating around the UK and drivers should be very aware.

The IFB offers the following tips:

Try to stay clear of anyone driving erratically or too close to you.

Take as many pictures as possible of the accident scene - even if you have to use your mobile phone camera.

Get the names and addresses of the driver and any occupants as well as the details of any independent witnesses.

Always put your personal safety first.

If you feel that you have been a victim of such a crime, report the incident to your insurance company immediately.

Insurance fraud could not only lose you your no claims bonus, but is considered to cost the law abiding motorist an extra £40 on thier insurance premium.

Random Posts

AXA UK Job Cuts

John Williams — Thu, 07 Aug 2008 12:28:08 +0000

Insurance company AXA UK say they are ready to make up to 500 people redundant through restructuring the business, as it enters the next phase of creating it’s new business model with the creation of eleven strategic business units.

AXA Ireland has already announced plans to cut 120 jobs in an effort to reduce its cost base. The company expects to make a combined annual saving of £80m in three years.

A statement from AXA says;

“As a result up to 500 redundancies are expected to be made within the support services and related functions subject to consultation. The company will manage the process with sensitivity to limit the number of compulsory redundancies where possible by focusing on reducing headcount through natural attrition, redeployment and more efficient use of contractors.”

Random Posts

Do You Have Adequate Insurance For Driving In Europe?

John Williams — Tue, 05 Aug 2008 14:32:35 +0000

If you are planning to drive your UK registered car in mainland Europe, it is worth checking with your insurance provider to make sure that you have adequate cover.

Even some fully comprehensive policies only offer the minimum requirement of cover for the particular country that you are visiting, this is often a standard third party cover. It is well worth clarifying the situation with your insurer before you leave the UK and it is worth taking out breakdown cover too.

In Spain for instance it is illegal to tow broken down or damaged cars on the roads unless they are being moved by a breakdown truck, so it is worth also making sure that you have roadside assistance in place to make your travelling less stressful.

It is also recommended to check out the legal requirements for motorists in whatever countries you plan to visit. For instance, in Spain it is necessary to carry a high visibility safety vest for both driver and front seat passenger and these must be worn if you need to get out of your car in the event of a breakdown.

Check the AA website for compulsory equipment when driving on the Continent.

Random Posts

High Fuel Costs Make Electric Car Attractive To 75%

John Williams — Mon, 04 Aug 2008 16:17:38 +0000

Would you consider buying and driving an electric powered car?

That was the question posed by motor insurer esure when they commissioned their survey to find out just how ‘green’ we are as a motoring nation.

Aside from the ‘green’ issue, simple econmomics enter the equation, with rising costs of fuel and city congestion charges to be taken into consideration.

The survey shows that 71% would be prepared to make the change from petrol to electric, surprisingly rising to 81% amongst the under 25’s. Equally surprising is the fact that only 66% of over 55’s would be in favour of the switch.

The survey also revealed that rising costs have forced motorists to change their attitudes towards driving and the vehicles that they use, with 17% claiming to be considering changing to a more economical vehicle.

Esure’s head of risk and underwriting Mike Pickard says, “Although there is clearly a demand for electric cars, the only way for them to become a viable option is to have a sufficient infrastructure in place, There should be enough plug-in points across the country and a greater choice of make and models to choose from .”

Random Posts

John Lewis Group Enter Motor Insurance Market

John Williams — Thu, 31 Jul 2008 12:57:12 +0000

Greenbee.com, the finance and leisure arm of the John Lewis Partnership is to expand it’s current offerings in the insurance market by introducing motor insurance, in conjunction with Fortis, the UK’s third largest car insurer.

Greenbee.com currently offers home, travel, life and wedding insurance.

Greenbee Car Insurance will be available for all the usual risk variations, but comprehensive cover will offer the added benefits of a standard no claims bonus, ranging up to 75%, windscreen cover and a courtesy car during accidents and repairs.

The policy will also offer up to £10,000 of personal accident cover and 90 days of cover within Europe. The company says it will provide competitive prices and a high quality service, in keeping with the John Lewis promise.

Random Posts

Tesco Offer Car Warranty Policy

John Williams — Tue, 29 Jul 2008 17:11:07 +0000

Tesco have launched a new car warranty scheme through the insurance arm of it’s Tesco Personal Finance division.

The supermarket giant are offering three levels of warranty, Value, Standard and Finest, with monthly premiums starting at £9.90. The warranty offers cover for parts and labour for unexpected mechanical, electrical and electronic failures.

To qualify for the warranty your car must be under ten years old and have under 100,000 miles on the clock.

Tesco have done their homework, with surveys showing that 50% of motorists expected to keep their cars for longer than expected unless the economic outlook changes rapidly.

Random Posts

Hastings Fined For Being Unfair To Customers

John Williams — Mon, 28 Jul 2008 17:55:34 +0000

Hastings, the motor insurers, have been fined by their governing body the FSA, for failing to treat it’s customers fairly in relation to cancelling over 4,500 incorrectly priced insurance policies.

On two seperate occasions in 2007 the insurance company discovered that an internal system error led to inaccurate insurance quotations being given and some significantly lower premiums quoted.

Hastings cancelled the policies in question, but in doing so failed to give consideration to the policy holder, paying the shortfall to the insurance provider or investigating other possible remedies.

Margaret Cole, FSA director of enforcement, said: “The FSA has stressed to all firms the importance of treating their customers fairly but it is clear from our investigation that Hastings put its own interests ahead of those of its customers.

“The firm failed to consider properly what effect cancelling policies might have on its customers which illustrates that the fair treatment of customers had not been embedded into its corporate culture as our TCF principle clearly requires.”

The FSA have fined the insurer £735,000. Hastings avoided a bigger £1.5million fine by settling the case at an early stage.