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Wintry weather 'highlights importance of travel insurance'

Tue, 3 Feb 2009 12:54:24 GMT

The recent bad weather has served as a reminder of just how important travel insurance can be, it has been suggested.

According to the Association of British Insurers (ABI), people with cover should receive compensation if they have been delayed at snowbound airports.

The organisation explained providers usually pay out if a customer has been held up for a certain period of time - usually eight or twelve hours.

It stated policy holders generally receive around £50 for every additional eight or 12 hour delay, up to a set maximum.

People who are unsure if they are entitled to a pay-out were advised to contact their provider.

Nick Starling, ABI's director of general insurance and health, commented: "Severe weather conditions cause great disruption and inconveniences - and insurance is there to help soften the blow."

Meanwhile, the industry body recently urged people buying travel insurance consider a variety of factors when choosing a policy, rather than just price.

Brits 'travelling further afield'

Mon, 2 Feb 2009 12:13:47 GMT

The number of people from the UK looking to take out travel insurance for trips to long-haul destinations could be on the rise, if the comments of one industry body are anything to go by.

According to Abta – The Travel Association, more Brits are heading to far-off locations because the cost of flying has fallen "dramatically" over the course of the last 40 years.

It stated long-haul destinations are no longer the preserve of the wealthy.

Spokesperson Sean Tipton pointed out the fact holidaymakers were keen to try different things has also contributed to the popularity of travelling to countries in other continents.

"People like to try out new destinations and increasingly that means long-haul destinations out of Europe and further afield," he concluded.

Meanwhile, a report from Kuoni published last month revealed the Maldives was the number one selling long-haul destination in 2008, followed by Thailand and Egypt.

New Zealand and St Lucia also entered the top 20 most popular far-off holiday spots among Brits last year.

Comparison websites 'should give meaningful information'

Mon, 2 Feb 2009 12:12:32 GMT

Price comparison websites can be useful for people looking to buy insurance, providing they include comprehensive information, it has been suggested.

According to the Association of British Insurers, for this type of online resource to be useful it needs to offer "meaningful" data which allows customers to make the best possible choice.

Media relations officer Malcolm Tarling said: "It is important when anyone buys insurance from one of these sites that they are given very clear guidance and helped to understand what exactly it is that they are buying."

In related news, Mintel recently reported 19 million people in the UK – or two in every five – have made use of a price comparison website to look for, compare or purchase financial products.

The study also found such online resources are more popular with men – 41 per cent of whom have used this type of website compared with 36 per cent of women.

Of those people who have used a price comparison site, 65 per cent have been looking for motor insurance, 26 per cent have been searching for home insurance and 24 per cent have been comparing travel insurance.

Book inoculations ASAP, says travel group

Fri, 30 Jan 2009 17:24:52 GMT

As soon as you know where you are going on holiday you should book any necessary vaccinations, an expert in the travel insurance and holiday sector has said.

Sean Tipton is a spokesperson for Abta - The Travel Association. He said not only should consumers book their getaway as early as they can - "that way you will get the best deals" - but inoculations are "very important" and should be sorted ASAP.

He explained this was usually something people needed to look into if they were jetting off to a long-haul destination.

Mr Tipton's comments follow recent research published at the beginning of 2009, which found the Maldives to be the bestselling far-flung location for holidaymakers in 2008.

The Kuoni Longhaul Report also discovered that runners-up were Thailand and Egypt, with new Zealand and St Lucia as new entrants for this year into the top 20.

The Abta spokesperson also suggested booking a package holiday rather than an independently organised option.

Pedigrees can cause higher pet insurance, says ABI

Thu, 29 Jan 2009 14:05:06 GMT

Those who own pedigrees are likely to face higher pet insurance premiums, an expert in the industry has suggested.

A spokesperson for the Association of British Insurers (ABI) discussed what factors might impact the costs of cover for a pet.

She said no matter what animal one owns, it is "wise" to buy pet insurance, although pedigrees may cost more due to their tendency to have genetic and hereditary conditions that may require veterinary care.

In addition, those with exotic pets may face more expensive premiums, purely because the animal is pricier than a regular household dog or cat.

"There are different types of policies ... some policies will, say, treat a condition up to a set amount of money, some will treat conditions up to a certain amount of money per year," she added.

The spokesperson concluded by saying cover was available at various prices.

Representing the collective interest of the insurance sector is one of the ABI's main focuses.

Single premium PPI 'should be banned by Competition Commission'

Wed, 28 Jan 2009 17:16:08 GMT

The sale of single premium payment protection insurance (PPI) should be banned by the Competition Commission, according to a consumer group representative.

Lucy Widenka, personal finance campaigner at Which?, said that while a total of five banks have already banned the sale of single premium PPI, other firms have not voluntarily taken this initiative.

As a result, she said the Competition Commission should get involved by issuing a blanket ban on sales of single premium PPI.

Ms Widenka also explained that consumers who currently hold a single premium PPI policy who feel that they have been mis-sold the product should look into the terms of their policy to see if they can reclaim their money.

Research from Which? indicates that one-third of all consumers with a PPI policy may never be able to claim on it, as they are not eligible for the cover.

Some people over the age of 65, people with pre-existing medical conditions, those who are self-employed or people who have a fixed-term job contract are often not covered by such policies.

A romantic gift for car insurance customers?

Tue, 27 Jan 2009 17:03:56 GMT

People looking for the perfect gift to give a car insurance policyholder on Valentine's Day may want to extend their search to the DVLA's Personalised Registrations website.

While most people will think along the lines of flowers or a candlelit dinner when planning to treat their loved one on February 14th, DVLA has other ideas.

It claims that a personalised registration number is the ideal romantic gift and that it experiences a surge in buyer interest during the build-up to each Valentine's Day.

This year it has set up a special feature on its website to help people pick out and purchase the ideal number plate.

DVLA Personalised Registrations' marketing manager Damian Lawson predicted that the service would prove popular, adding: "While the regular plates featuring Xs and K155 are there to be had, the new search system ensures that extra personal touch - in a flash."

Anyone planning to surprise their partner with a personalised plate should be prepared to dig deep into their wallet. Last year, the registration S1 sold for almost £400,000.

Hostelling 'great for price and social aspect'

Tue, 27 Jan 2009 16:16:16 GMT

Staying in a hostel instead of a hotel can be beneficial to the wallet as well as providing an enhanced social aspect to a holiday.

This is the opinion of Johan Kruger, who is head of communication and PR at Hostelling International.

Because there are lots of communal areas in hostels, it can be easier to meet other like-minded travellers, he explained.

Most of the time hostels offer a cheaper type of accommodation so they are also potentially ideal for budget-conscious holidaymakers, Mr Kruger added.

"It depends what you're looking for," he said, going on to note that hostels are often in great locations - from cities to the countryside.

"The top destinations where hostels have been booked are France, USA and England and Wales."

Those who opt to stay in a hostel may still want to take out travel insurance regardless of where they spend their getaway, as many policies cover common aspects such as luggage recovery and medical costs.

Wedding day 'can be paid for with loans'

Wed, 6 Aug 2008 15:44:10 GMT

Couples arranging their wedding day could find that a secured loan helps make their dream marriage come true, according to a personal finance website.

The Thrifty Scot has stated that borrowing money can be easy and that it is often working out how much is needed that can be difficult.

In order to make the process easier, the group has advised people to draw up a list of exactly what it is they require for their big day and then research the market for a good rate of repayment.

"For a secured loan you need to have some sort of collateral, such as a car or a home. You will have a better chance of obtaining a higher amount of loan if you have collateral," commented the Thrifty Scot.

The company earlier this week said that lenders are more likely to be granted attractive interest rates on loans should property be used as collateral.

Bank reports increase in home improvements loans

Mon, 4 Aug 2008 16:18:37 GMT

There has been a rise in the number of people taking out home improvements loans, according to a high street bank.

Research from Lloyds TSB Personal Loans has found a 19 per cent increase in homeowners taking out extra money to spruce up their house, with a new kitchen the biggest reason.

According to the institution, 79 per cent want an improved place to cook, 59 per cent a new bathroom and 47 per cent an extension to their property.

David Wishart, Lloyds TSB director of personal loans called the rise in loans a "significant increase".

He said: "For the last decade homeowners have been able to sit back and rely on rising property prices to increase the equity in their home but sadly this is no longer possible."

Meanwhile, consumer website Moneyfacts has revealed that 14 different lenders have upped loan rates since May.

Vehicle depreciation 'can be sped up by smoking'

Tue, 29 Jul 2008 15:17:59 GMT

Motorists who smoke in their vehicles could find that the value of their cars and vans falls because of their habit, it has been claimed.

According to research conducted by British Car Auctions (BCA), presentation plays a big part in how much a model costs when it is bought again.

The company remarked that the stains left by the activity as well as the smell can seriously affect its worth, car insurance customers may be interested to know.

BCA PR manager Tim Naylor commented that employers should try and stop workers from smoking as they drive as a result.

He said: "This will avoid the lingering smell of cigarettes hanging in the interior as well as eliminate the risk of discolouring and leaving scorch marks on the interior trim or upholstery."

Last year's public enclosed spaces smoking ban meant that it is illegal to light up in taxis and work vehicles.

Holidays 'will not be cancelled in wake of credit crunch'

Mon, 14 Jul 2008 14:39:03 GMT

British holidaymakers will not be giving in to the credit crunch and cancelling trips away this summer, it has been claimed.

Research carried out by Luxury Travel Magazine found that vacations will not be sacrificed this year, adding that they were more likely to be cancelled due to low funds ten years ago.

Only 12 per cent of people in the 1,003-strong survey stated that they thought trips away were not a necessity, it added.

Luxury Travel Magazine editor Alyson Cook commented: "People are less inclined to give up their holiday", travel insurance customers may be interested to know.

"Particularly with the vagaries of the weather the holiday is becoming more sacrosanct in their budget. I also think it has a lot to do with the emphasis on family holidays now," she said.

Meanwhile, the Norwich Evening News has revealed that both David Cameron and Gordon Brown will be heading to holiday destinations in the UK this summer as a means of defying the credit crunch.

Seven million 'have not left the UK on vacation'

Tue, 1 Jul 2008 14:30:48 GMT

There are close to seven million people in the UK who have not left the region to go on holiday, it has been reported.

According to Sainsbury's Bank, 15 per cent have stayed within the British Isles for vacations, with almost one in four of these hailing from the east Midlands and Anglia.

But Neil Laird, travel insurance manager for the company, remarked that a holiday within the UK still requires a thorough insurance policy.

He said: "Many of the problems that you can encounter abroad can also happen here in the UK on holiday, so it is important to ensure that you have adequate cover."

This comes as a Boots poll has revealed that Benidorm is the holiday destination people in the UK would most likely not tell anybody they were visiting, according to News Guardian.

It added that Paris was the location people were most proud of going to.

New home insurance aggregator "unique"

Thu, 26 Jun 2008 16:12:50 GMT

A new home insurance comparison service recently launched is a "unique" way for people to pick up a good deal, it has been reported.

Confused.com has stated that there a competitive quote is only a few clicks away for people visiting their website.

In addition, it stated that the company is "committed to providing a first-class service" for those wishing to gain a deal for an overseas property.

Chief executive officer of Confused.com Carlton Hood remarked that the aim of the product is to give consumers "the most comprehensive and accessible service".

"The beauty of our new offering is that the consumer can now purchase insurance for their holiday homes from a UK broker, without any of the hassle of buying locally in a foreign language," he said.

Earlier this weeks, Confused.com advised Britons heading abroad to check their home insurance policies to ensure their properties are covered for all possible scenarios.

Stop-start system 'appeals to drivers'

Tue, 29 Apr 2008 15:32:09 GMT

Motorists in the UK are becoming increasingly interested in technology which cuts out the engine when it is not in use, it has been reported.

Research from car supermarket Motorpoint found that 75 per cent of drivers would like their vehicle to do this, but limited choice means that they cannot pick up a car with the feature, Channel 4 has stated.

The news source added that such technology could see motorists save eight per cent on fuel costs in congested areas.

According to Motorpoint operations director Paul Winfield, the feature should be incorporated more fully across the industry.

He said: "In these days of increasing fuel prices and demands for lower CO2 emissions, it's surprising that this tried-and-tested technology isn't already more widespread."

Motorpoint recently found that 18 million drivers are against the 20 mph city speed limit suggested by London mayor Ken Livingstone.

Consumer site warns over pet insurance

Tue, 29 Apr 2008 15:31:45 GMT

People in the UK looking to own a pet should consider the financial implications of the move before picking one up, it has been claimed.

According to Sainsbury's Finance, it costs just under £9,000 to own a dog in today's climate - factoring in food, equipment and pet insurance policies.

In addition, it could be that a pet has an effect on a home insurance policy, with any damage caused by them potentially leading to a claim.

Head of pet insurance Steve Johnson remarked that it is "important" for consumers to consider their finances before taking on a pet.

"The good news is that owners can help alleviate some of the financial burden and cost of veterinary bills by purchasing pet insurance at the point of buying their pet. Pet insurance need not be expensive," said the official.

This comes as the Swindon Advertiser has reported that a community centre in Spire recently raised funds for repairs at Wroughton Parish Hall by offering sponsored dog walks.

UK homes 'possess £74 billion in gadgets'

Thu, 22 Nov 2007 16:16:25 GMT

Homeowners in the UK keep 400 million pieces of gadgetry in their properties, totaling approximately £74 billion.

Research from HSBC group first direct shows that televisions are the most common electronic items for people to buy, with Britons spending £29 bn on sets each year.

Laptop and home computers ring up a £10 bn at checkouts and online per annum, it added, with mp3 and DVD players also popular.

It may be that homes with a large amount of expensive technology inside face larger home insurance bills, or risk more by not taking out a policy.

"This research indicates just how much the UK population relies on technology," said Chris Pilling, chief executive at the firm.

One of the must-have items for technology lovers this Christmas went on sale earlier this month.

The iPhone from Apple will set consumers back £269.99 and is only available in the UK on a contract with O2.

A quarter of property owners 'not shopping around for insurance'

Tue, 13 Nov 2007 15:54:05 GMT

A proportion of homeowners in the UK could be missing out on home insurance savings as they are not shopping around for deals.

Research from Sainsbury's Bank has shown that 43 per cent of consumers choose to either renew or only look at one other provider each year.

Some 26 per cent did not even shop around for an additional quote when their existing deal expired.

Company spokesperson Steve Johnson commented that it is important that homeowners realise the importance of researching the market.

He said: "Although it may seem tempting to just stick with your renewal quote or the first quote you get, it really is essential to shop around."

"Products vary dramatically and there are some cracking deals out there."

Last Monday was Bonfire Night, one of the busiest times of the year for home insurance companies and policy holders seeking claims.

Car clampdown sees rogue motorists caught

Thu, 8 Nov 2007 15:49:06 GMT

Police officers in Somerset have come down hard on drivers who continue to break the law on the roads, it has been reported.

According to the Somerset County Gazette, 84 cars were pulled up by officers as part of the Operation Utah initiative.

The local constabulary used automatic number plate technology in order to catch out those breaking the law, it added.

Such hardware involves the scanning of vehicles registrations which are then cross-checked against a police database.

It may now be that those convicted face higher car insurance policies as cover companies view them as a bigger threat on the roads.

"We have managed to stop a number of vehicles and we look to catch travelling criminals and cross-border criminals," commented a police official.

This comes as Hightown Infant and Junior School Travel Plan Committee has written to authorities in an effort to get them to employ a 20 mph limit on a busy road close to two schools.

Close to fifth of drivers leave gadgets on display

Fri, 14 Sep 2007 16:04:02 GMT

Nearly twenty per cent of motorists in the UK are leaving devices on display in their vehicles, making them prone to opportunistic thieves, it has been claimed.

Accoding to Zurich, the average amount of stereos, satellite navigation systems and other valuables average £160 for each car.

In total across Britain, this is a combined risk being taken by motorists worth £4 billion.

According to Zurich head of underwriting Roy Seeds, this may be down to "time-poor" drivers simply not having the time to make sure nothing is on display when they leave the vehicle.

"It's now common for our cars to be filled with our possessions - not just in-car entertainment and driving gadgets," he said.

Statistics from the Home Office have shown that vehicle crime has dropped 51 per cent in the last ten years, although 1.6 million robberies were recorded over 2005 to 2006.

Police: Spring into action to avoid garden burglary

Tue, 20 Mar 2007 14:18:24 GMT

Now that spring is approaching, police in the North Cotswolds have warned homeowners that their property may be at a greater risk from burglars.

The local constabulary has told residents that lighter nights may lead to an increase in crime - particularly in garden thefts, according to the Cotswold Journal.

Tool sheds and outside furniture could be at risk, they added, which may see some people in the area consider extending their home insurance policy to include the garden.

"Shed owners should make them more secure by investing in metal grilles for windows, reinforced hinges and strong locks and shed alarms," said acting sergeant and the Cotswolds' crime reduction officer, Mark Godsland.

Meanwhile, a local teenager has been prosecuted after stealing seven rabbits from hutches nearby, the same new provider has reported.

The 17-year-old is due to appear before local magistrates shortly.

Pet priorities changing, insurer reveals

Wed, 6 Dec 2006 16:51:11 GMT

Pet insurance sales are being altered as a result of shifts in owners' social patterns, according to research.

More single person households and longer working hours are meaning that fewer Britons are able to look after a dog - creating growth opportunities in the cat insurance sector, figures from Defaqto have revealed.

The study also indicated that 17 per cent of cats and 32 per cent of UK dogs are currently insured, meaning that the total market could exceed £1 billion if all owners opted to insure their animals.

Brian Brown, head of Defaqto's insight team, said: "Despite the massive supply of insurance policies from all types of outlets, many owners, particularly of cats and non-pedigree dogs, have never experienced a large veterinary claim and therefore do not necessarily perceive a need for cover."

Mr Brown added that a number of owners have opted against insuring their furry friend - choosing to pay the bills if they occur.

According to UKPets, Datamonitor research has revealed that the pet insurance market could soon be brought into question, as insurers would need large premium increases in order to balance their books.

Britons underestimate the cost of NHS treatment

Tue, 22 Aug 2006 17:22:19 GMT

Despite the vast majority of Britons relying on the NHS to cover the cost of their healthcare, they consistently underestimated the cost of the treatment they receive, according to new research by Legal and General.

In a survey that asked a representative sample of more than 5,000 people, common medical procedures were underestimated by 38 per cent.

This shows that most patients do not appreciate how much the NHS saves them, when compared with the costs of private health insurance.

Tessa Webster, customer services director at Legal & General HealthCare, said: "When you consider the amount of money Britons spend on staying healthy a year, over £1.25 billion on gym membership alone, you can see how highly we value our health. However, few are aware of the actual costs of treatment should they need an operation, which only the minority could afford if they were expected to pay it themselves."

As the UK population ages and the demands on our already creaking healthcare system take their toll it is likely that income tax will rise in the long term to pay for the shortfall, and more people may be forced to take out private health insurance to supplement the quality of government provided healthcare.

Currently, 82 per cent of British people do not hold private health insurance.

Half UK has no income protection insurance warns poll

Fri, 7 Jul 2006 17:29:36 GMT

Around half of the UK has no income protection insurance, Co-operative Insurance has warned.

The company warned that with a third of the UK expected to be diagnosed with cancer during the course of their lives, many are leaving their loved ones at risk.

Ideally, Co-operative Insurance estimates that people should have at least £150,000 cover for each of their dependents.

"The hard fact is that nearly half of the UK population do not have any form of life insurance cover in place," said Fiona Jackson, CIS head of protection.

"It is clear that people have the attitude that it will never happen to them which nowadays is a big gamble to take.

"Although people may think that a serious illness or injury will never happen to them, for what could amount to the price of a pint of milk a day.

"Critical illness or income protection policy will give families peace of mind and a tax free lump sum if the worst should happen."

The company estimates that the current protection gap stands at around £2.3 trillion.

Don't let a honeymoon turn into a disaster

Wed, 15 Mar 2006 16:40:38 GMT

Couples heading off on honey moons should make sure they leave with travel insurance before they go.

With a quarter of couples now spending over £5,000 on their honeymoon, American Express warned that forgetting to get cover could turn out to be an expensive proposition.

Modern couples are still getting married in their thousands. Over 310,000 tied the knot in 2004, with 70 per cent conducted in civil ceremonies. The number is expected to increase with the advent of same-sex civil partnerships.

"When you are planning your trip of a lifetime, be it a foreign wedding and honeymoon combined or just your honeymoon, it is easy to overlook something as basic as your travel insurance cover," said Joanne Field, marketing manager.

"Couples spending more than their average holiday should double-check before buying that their travel insurance policy will cover them adequately."

Some post-wedding policies offer up to £5,000 or even £12,000 in cover for cancellations or curtailments, while others can provide insurance for extended breaks such as cruises.

When Valentine's Day goes wrong

Thu, 9 Feb 2006 14:28:51 GMT

British consumers are terrible for making claims after Valentine's Day gestures go wrong, Lifestyle Extra reported.

Lloyds TSB said that it receives an incredible number of bizarre claims after Valentine's Day following disastrous home cooked meals, wedding proposals that go awry and dangerous bedtime mishaps.

It claimed to have taken claims for a window broken by a home fireworks display, an antique bracelet eaten by a dog, a ring dropped off the side of the Eiffel Tower and a damaged bath which was designed for one person, not a couple, in mind.

Phil Loney, Lloyds TSB Insurance managing director, said: "With millions of homeowners in the UK, there is bound to be variety in the types of claims insurers receive. Even so, it is always surprising what people will admit to!"

He said that some of the weirder claims handed to the insurer would likely not be covered by standard home insurance. "Knowing what you are covered for will help you get the most out of your policy", he added.

Other Valentines Day mishaps include a claim for a new heated towel rail after it had been pulled off a wall, and a Persian carpet destroyed by a couple deciding to feed each other.

Pitfalls of payment protection insurance

Wed, 8 Feb 2006 13:59:38 GMT

The limits of payment protection insurance (PPI) should be made clearer to borrowers, according to a report from Defaqto.

It claims that British consumers are wasting up to £350 million on PPI policies every year, despite only two thirds of credit card services and a third of loan providers allowing customers to see terms and conditions before they sign up.

The company said that many could find themselves with a policy that does not cover what they think it does, and that a number of policies fail to pay anything at all.

Clearer wording in insurance documents and more graphics would help customers understand the breadth of their policy, the report said, arguing that the complex language used by insurers can often confuse consumers.

"The current situation is clearly not working as well as it could and is ready for an overhaul," said Brian Brown, report author and associate director at Defaqto.

"Insurers should conduct a proper customer demands and needs analysis before making a recommendation to take out this insurance. They should also spend more time explaining to the customer what information is required."