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Sunday, March 22, 2009
Monday, March 16, 2009
Huge surge in loan insurance complaints
The Financial Ombudsman Service (FOS) is being flooded with complaints about payment protection insurance (PPI) according to BBC News. PPI is meant to pay out if a borrower is unable to make their loan repayments due to illness or redundancy.
Consumer groups say the insurance is often mis-sold and doesn't pay out when expected. Because of this the Office of Fair Trading, Competition Commission and the Financial Services Authority (FSA), have cracked down on the lucrative PPI market.
The FOS reports that it is currently dealing with an "unprecedented" eight hundred plus PPI complaints each week. This figure has risen sharply in recent months due to the sudden increase in redundancies, and even accounting for the fact the the recession only really began to bite in the final quarter of the year, 2008's figures stand at 5.4 times 2007's. 2009's will almost certainly be higher still.
There are over 12 million PPI policies in force in the UK, accounting for about a third of all complaints handled by the FOS. An FOS spokesperson said: "We are upholding about 90% of the cases we deal with, and with one firm 100% of the cases. We have reported our concerns about some firms who seem to be systemically and deliberately mis-handling complaints."
If you think you have been mis-sold payment protection insurance, consumer group Which? has an online PPI mis-selling checker tool which makes the process simpler.
Consumer groups say the insurance is often mis-sold and doesn't pay out when expected. Because of this the Office of Fair Trading, Competition Commission and the Financial Services Authority (FSA), have cracked down on the lucrative PPI market.
The FOS reports that it is currently dealing with an "unprecedented" eight hundred plus PPI complaints each week. This figure has risen sharply in recent months due to the sudden increase in redundancies, and even accounting for the fact the the recession only really began to bite in the final quarter of the year, 2008's figures stand at 5.4 times 2007's. 2009's will almost certainly be higher still.
There are over 12 million PPI policies in force in the UK, accounting for about a third of all complaints handled by the FOS. An FOS spokesperson said: "We are upholding about 90% of the cases we deal with, and with one firm 100% of the cases. We have reported our concerns about some firms who seem to be systemically and deliberately mis-handling complaints."
If you think you have been mis-sold payment protection insurance, consumer group Which? has an online PPI mis-selling checker tool which makes the process simpler.
Wednesday, February 18, 2009
How to get the pet insurance you need at the right price
Whilst it's tempting not to insure pets, unless you are the sort of person who has no qualms about putting their pet dog or cat in a bag and throwing it in the river at the first sign of illness, you will probably need pet insurance.
Self insurance
If you'd rather not shell out for insurance you don't think you need and are a disciplined type you might like to consider self insurance. Instead of paying premiums to an insurer you just put money aside every month to cover any costs, earning interest in the process. Of course, if your pet requires treatment in the first month of this scheme you will still be left with a big bill or if you are not as disciplined as you thought you might end up with a lot less than anticipated in your fund.
Pet insurance
Pet insurance protects you from rising vets' fees - it can can cost close to £1,000 just to deal with a broken leg on a cat, for example. Many policies also provide additional benefits such as pet theft insurance as part of their offering. If you have expensive or exotic pets consider a specialist insurer who may be able to offer you an appropriate policy at a more competitive price.
You might think you've got a great deal, but check carefully to ensure that it includes everything you need - and excludes things that sound good but that you don't need, especially if they come at a premium. Choosing the wrong policy could leave you with a choice of going into debt, seeing your pet suffer or having to have it put down.
Things to watch out for
As with human health insurance, pet insurance won't cover the insured for pre existing medical conditions. So, if your pet develops a problem you probably won't save any money attempting to switch insurers
Many insurers set an annual pay out limit, or one that only pays out a certain amount per ailment, no matter how long it lasts. Read the small print carefully.
Keep an eye on the excess level of your policy. Raising the excess can save you a lot of money, but be sensible.
Getting the best price
Shop around for the best deal, and don't forget to play competing companies against each other by challenging them to beat quotes you have already obtained. Insurance companies can be surprisingly generous when chasing a sale!
Self insurance
If you'd rather not shell out for insurance you don't think you need and are a disciplined type you might like to consider self insurance. Instead of paying premiums to an insurer you just put money aside every month to cover any costs, earning interest in the process. Of course, if your pet requires treatment in the first month of this scheme you will still be left with a big bill or if you are not as disciplined as you thought you might end up with a lot less than anticipated in your fund.
Pet insurance
Pet insurance protects you from rising vets' fees - it can can cost close to £1,000 just to deal with a broken leg on a cat, for example. Many policies also provide additional benefits such as pet theft insurance as part of their offering. If you have expensive or exotic pets consider a specialist insurer who may be able to offer you an appropriate policy at a more competitive price.
You might think you've got a great deal, but check carefully to ensure that it includes everything you need - and excludes things that sound good but that you don't need, especially if they come at a premium. Choosing the wrong policy could leave you with a choice of going into debt, seeing your pet suffer or having to have it put down.
Things to watch out for
As with human health insurance, pet insurance won't cover the insured for pre existing medical conditions. So, if your pet develops a problem you probably won't save any money attempting to switch insurers
Many insurers set an annual pay out limit, or one that only pays out a certain amount per ailment, no matter how long it lasts. Read the small print carefully.
Keep an eye on the excess level of your policy. Raising the excess can save you a lot of money, but be sensible.
Getting the best price
Shop around for the best deal, and don't forget to play competing companies against each other by challenging them to beat quotes you have already obtained. Insurance companies can be surprisingly generous when chasing a sale!
Sunday, January 25, 2009
10 easy ways to save on car insurance
Here are ten simple ways to pay less for your motor insurance:
1. Shop around using insurance comparison sites – self explanatory.
2. Don't pay monthly – Your insurer charges you about 24% extra over the year for the privilege. Even if you pay by credit card and pay it off over six months it will still work out cheaper than spreading it over 12 months at 24% interest.
3. Don't accept a renewal quote - Customer loyalty means nothing to insurers. All the big boys chase new customers by offering big discounts, often charging half the price they charge existing customers for the same cover.
4. Don't make small claims, and set your excess high – Claims under £500 are often not worthwhile, your insurer will take them out of next year's premiums, or refuse to re-insure you. Setting a high excess level when you apply for the insurance can potentially bring the premium down substantially.
5. Be more specific about your job - Certain occupations aren't favoured by insurers, but even the sub-divisions within a sector can make a big difference to your premiums. Go to http://www.moneysavingexpert.com/insurance/car-insurance-job-picker to find out what difference a slightly different job title can make to your premiums.
6. Use security devices – And tell your insurer about them.
7. Don't pimp your ride – Insurers don't like modded cars and will charge you extra or not insure you at all.
8. Don't use the address of a country dwelling family member - It might cut your premiums, but if you ever need to claim and your insurer becomes suspicious it might invalidate your insurance policy.
9. Add another driver to your policy - If they have a clean record it can actually reduce the total premium.
10. Buy a different car - The model you drive is the single biggest factor in determining your premiums, choose wisely.
More at: http://www.guardian.co.uk/money/2008/jun/16/carinsurance
1. Shop around using insurance comparison sites – self explanatory.
2. Don't pay monthly – Your insurer charges you about 24% extra over the year for the privilege. Even if you pay by credit card and pay it off over six months it will still work out cheaper than spreading it over 12 months at 24% interest.
3. Don't accept a renewal quote - Customer loyalty means nothing to insurers. All the big boys chase new customers by offering big discounts, often charging half the price they charge existing customers for the same cover.
4. Don't make small claims, and set your excess high – Claims under £500 are often not worthwhile, your insurer will take them out of next year's premiums, or refuse to re-insure you. Setting a high excess level when you apply for the insurance can potentially bring the premium down substantially.
5. Be more specific about your job - Certain occupations aren't favoured by insurers, but even the sub-divisions within a sector can make a big difference to your premiums. Go to http://www.moneysavingexpert.com/insurance/car-insurance-job-picker to find out what difference a slightly different job title can make to your premiums.
6. Use security devices – And tell your insurer about them.
7. Don't pimp your ride – Insurers don't like modded cars and will charge you extra or not insure you at all.
8. Don't use the address of a country dwelling family member - It might cut your premiums, but if you ever need to claim and your insurer becomes suspicious it might invalidate your insurance policy.
9. Add another driver to your policy - If they have a clean record it can actually reduce the total premium.
10. Buy a different car - The model you drive is the single biggest factor in determining your premiums, choose wisely.
More at: http://www.guardian.co.uk/money/2008/jun/16/carinsurance
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