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Travel insurance policies fall short on cover for airline insolvency

June 30, 2010 By Katrina Campbell Leave a Comment
family-on-holiday

A recent report has found that the majority of travel insurance policies fall short on providing holidaymakers with adequate cover should their airline go bust.

The financial research discovered that only 20% of the travel insurance policies currently available to UK holidaymakers offered the appropriate cover for policyholders in the event of their airline going into liquidation.

There are major repercussions for travellers if their airline goes under. Firstly your travel will be lost, which will have a knock-on effect on pre-booked accommodation, plus any extra excursions which may have been booked in advance, and also car hire.

Some travel insurance policies which do offer cover should your airline go bankrupt only provide compensation up to £1,500, which when you take all of the aforementioned details into consideration such as money lost on accommodation and such forth, the amount is far from adequate.

Travel experts advise that you book with a company which is ABTA or ATOL protected, as this way you will be covered in the event of an airline going bust. Also some credit cards offer cover if you pay for more than £100 of your holiday using your card, although you are advised to check with your bank that they offer this protection with your credit card.

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Women less likely to take out comprehensive car insurance

June 28, 2010 By Dawn Bickford Leave a Comment
Young-female-driver

Women are less likely to take out comprehensive car insurance when compared to men, according to a recent survey.

The research was commissioned by The Post Office and found that just 44% of women had taken out comprehensive cover on their motor, which is significantly less than the 58% of men who did have comprehensive car insurance.

The Post Office says it recommends comprehensive insurance for all motorists as it offers the widest range of protection including cover against theft, damage, and some policies even offer breakdown cover.

Third party, fire and theft policies offer a lesser level of protection, although drivers are often tempted to opt for this policy as it is cheaper than comprehensive cover. The advice being given from The Post Office is to thoroughly read through a motor insurance agreement before signing on the dotted line so as to be clear about what exactly is covered as part of the policy.

Separate research found that women are less likely to be involved in a head-on car collision compared to men, however they are more prone to accidents at slower speeds such as at traffic lights, car parks, and roundabout. Female motorists are the worst culprits when it comes to bumps and scraps to their vehicles, all the more reason to take out a comprehensive insurance policy perhaps?!

High up on the average women’s list of priorities for their motor insurance policy, is cover to protect against the theft or loss of car keys.

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M&S Insurance wins top customer award

June 23, 2010 By Katrina Campbell Leave a Comment
m&s-money

M&S Money is celebrating after winning two top prizes for its insurance policies.

More than 10,000 people were questioned as part of the Moneywise Customer Service Award which found that M&S was voted as the Most Trusted Insurance Provider, and named the Best Travel Insurance Provider as well.

One of the factors which may have helped M&S clinch the title of Most Trusted Insurer could have been their willingness to assist travel insurance customers who were stranded as a result of the ash cloud disruption earlier this year. M&S offers both single and annual trip travel insurance policies and they did cover passengers affected by volcanic ash cancellations.

The company’s car insurance policy also offers a number of excellent features which have obviously been well received by its policyholders. The M&S Premier Car Insurance policy provides RAC breakdown cover, motor legal protection, and also offers the benefit of a hire car for up to 14 days if your vehicle is off the road as a result of an accident.

The chief executive of M&S Money says they are design all of their insurance policies with their customers in mind.

The company was also celebrating this week after reaching its 25th anniversary of offering financial services in the UK.

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Greece unveils travel insurance promise to holidaymakers

June 22, 2010 By Fiona Clarke Leave a Comment
greece

In a bid to attract holidaymakers to its shores, Greece has outlined a travel insurance promise which will offer protection in the form of accommodation should a visitor become stranded in the country.

Following continued industrial action and ash cloud disruption, Greece has taken measures to repair its reputation as a top sunshine holiday destination and encourage people to visit the country.

The Greek government are now issuing a guarantee of extra room and board payments to cover any holidaymaker whose return flight is postponed or cancelled. This policy even covers ash could disruption.

Greece’s Culture Minister made the announcement, adding that he believed Greece would experience a “calm summer” and that the country shouldn’t be affected by any disruption, however the government promise will give peace of mind to those who maybe wary of travelling to Greece.

Since Greece’s financial crisis, holiday bookings have slumped by 10%, and for a country which relies heavily on tourism, this is worrying news. According to the Culture Minister, the situation may not be a dire as first predicted for the summer holiday season, although he did concede some areas have been badly hit, others are doing better than they had done previously.

With the introduction of the new insurance promise, the Greek government hope to reinvigorate holiday travel to the country.

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Experts predict a hike in insurance rates ahead of budget announcement

June 21, 2010 By Katrina Campbell Leave a Comment
budget-box

Experts are predicting a rise in insurance rates ahead of tomorrow’s (Tuesday’s) budget announcement from the Chancellor, George Osborne.

Insurers are bracing themselves for the worst as many fear the rate of tax which applies to personal insurance policies could be about to double from its current rate of 5% to raise an extra £2 billion for the Government.

If the hike in insurance tax goes head, it will be yet another blow for motor insurance policyholders who are still coming to terms with the 22.5% increase in the cost insurance premiums which occurred in the last year to April 2010. The huge increase saw the average cost of comprehensive car insurance rise from £503 a year to £616.

However The Association of British Insurers has warned the government against taxing insurance policies as they believe it will lead to an increase in the number of uninsured drivers on the road.

With many motorists already struggling to keep up with the cost of cover for their vehicle given the recent surge in the insurance rates, an increase in the tax on these policies could be enough to prevent certain motorists from taking out cover on their car as they simply won’t be able to afford it.

The emergency budget is due to be delivered tomorrow, June 22nd by the Chancellor, George Osborne.

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Pensioners pay a higher price for car and travel insurance

June 18, 2010 By Katrina Campbell Leave a Comment
elderly-man-driving

Consumer group Which? Has conducted research into the cost of travel and car insurance for pensioners and has found that the price of cover soars once the individual moves into a higher age bracket, and in some cases, it’s hard to find a policy to cover them at all.

Which? Carried out research of hundreds of insurance providers and discovered that the cost of insurance for an older person rises dramatically once they pass a certain age. An example given is of a worldwide annual policy which costs £383 for a 74-year-old, however just a year later when that same customer turns 75, the price has jumped to £707, an increase of £324 just because they fall into a higher age bracket.

Out of 98 worldwide insurance policies investigated by Which? Only 5 of these offered insurance for customers over the age of 80.

The problem doesn’t end there according to the consumer champion. OAPs are also being hit by high premiums for car insurance with 60% of the insurance policies researched by Which? refusing to cover an individual over of the age of 81.

The chief executive of Which? Believes that older customers are receiving a “raw deal” from insurance companies when it come to finding affordable cover for both car and travel insurance.

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Cyclists advised to check their bikes are insured on their home contents policy

June 16, 2010 By Samantha Lewis Leave a Comment
bike

M&S Money Insurance is advising cyclists to check that their home contents insurance policy covers their bicycles in case of theft or damage.

The comments have been made after the insurance company carried out a survey which discovered that 76% of UK households own at least one bicycle.

The poll also revealed that one quarter of the cyclists questioned had had their bike stolen in the last two years, and with the average cost of bicycle standing at £240, it’s not the kind of article you can afford to leave uninsured.

As the weather warms up, more and more people are likely to take up cycling. Plus everyone is being urged to help reduce carbon emissions, and cycling to work as opposed to driving, is a great way to make a help reduce your carbon footprint.

However M&S are warning bike owners, or those thinking of investing in one in the near future, to ensure they have adequate insurance for their bike.

Some home contents insurance policies, like the one offered by M&S, covers bicycles, however not every policy does so you are well advised to check this in case your insurance provider is one of the latter. It’s also crucial that your bicycle is insured against theft outside your home, as well as outside your property.

With National Bike Week due to kick off on June 19th, the advice couldn’t have come at a better time.

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Survey reveals how honest motorists are at owning up to car damage

June 15, 2010 By Fiona Clarke Leave a Comment
dented-car

A recent survey has been conducted to gauge how honest UK motorists are when it comes to owning up to causing damage to another car.

20% of the 3,000 motorists questioned as part of the poll which was conducted by insurance company Elephant say they wouldn’t own up to causing damage to a parked vehicle.

This high percentage could be a reaction to the past experiences of drivers who’ve had the same thing happen to them. 45% of those questioned who have had their car damaged while it parked said the culprit hadn’t admitted to the accident, while just 15% said the driver who caused the damage had left their details.

Women came out as the more honest driver in the survey with 61% of female drivers saying they would own up to any visible damage caused by them, compared to 56% of men.

Motorists in London and Wales were the least likely to admit car damage, while drivers in Scotland, Northern Ireland and the South East of England emerged as the most honest.

The age of the driver was also an important factor in admitting responsibility for damage. 25% of drivers aged 18 or under said they would not own up to causing damage to a friend’s car, while just 6% of drivers aged over 55 wouldn’t admit to the incident.

Half of the motorists who were the victims of accident caused by a hit-and-run driver didn’t take any action, while 9% called the police, and 1% took matters into their own hands and damaged the vehicle of the culprit in a revenge attack.

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Home insurance warning to World Cup fans

June 14, 2010 By Samantha Lewis Leave a Comment
football-tv

The Post Office has issued a warning to all football fans who are planning to follow all the World Cup from their living rooms. Research carried out by the Post Office has found that a high percentage of these fans will splash out on new items for their home ahead of the month long tournament.

According to the research which was unveiled last week, 9 out 10 supporters are planning to watch the World Cup matches from the comfort of their sofas. 93% of these fans say they will increase their spending during this period by £200 as they plan to invest in new plasma TV’s, fridges, and even BBQ’s to make the occasion all the more enjoyable.

31% of those surveyed also said they intend to invite friends over to watch the World Cup action at their homes. Entertaining comes at a price of course, whether it’s supplying alcohol, and making sure you and your pals have a big enough TV on which to watch the big match.

The Post Office’s main concern is with the amount of money which armchair fans are planning to invest in new kit for their home ahead of the tournament. They are recommending that anyone who splashes out on new equipment for their home for the World Cup, should check that their annual insurance policy adequately covers their new purchases in case of damage or theft.

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Tips on how young drivers can keep the cost of insurance low

June 13, 2010 By Dawn Bickford Leave a Comment
Young-female-driver

The cost of insurance is the biggest hurdle facing young drivers according to a study carried out by I-Kube who specialise in the provision of cover for new drivers. 90% of those questioned as part of the survey said that the cost of cover was the biggest barrier to getting on the road, the expense of buying a car was voted as the second biggest obstacle. With the cost of car insurance proving an issue for young drivers, here are some helpful hints to keep the cost of cover down.

Shop around to find the best deal. Use price comparison sites, but also seek out companies which specialise in cover for young drivers. Finding a policy which is most suited to you personally will help to bring the cost down.

Go with an insurer which recognises Pass Plus. By undertaking this driver training course, which is aimed at those who have recently passed their test, you could see your insurance premiums drop by up to 35%

Buy a car which you can afford to insure. As your first car, it’s a wise decision to opt for a vehicle which is in the lowest possible insurance group in order to keep your cover low. Before you actually buy your first car, get a few insurance quotes so you can determine whether or not you can afford to insure it.

Add another driver to you policy. By adding a more experienced driver to your car insurance policy such as a parent, you could see your premiums decrease. However you must remain as the main driver of the vehicle not the older driver. Falsely naming a parent or more experienced driver as the main driver on a policy is known as “fronting” and is against the law.

Follow these tips in order to find the cheapest car insurance policy for your first car.

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