Don’t Hesitate When Making An Insurance Claim
More and more people are complaining to the Financial Ombudsman regarding claims on their insurance policies. There appears to be some confusion about what exactly is covered in a policy and how a claim should be made.
According to the Daily Mail, here are some tips to help ensure your insurance claim goes smoothly:
Car Insurance Claims
- Immediately call 999 if you, or someone else, have been injured or there is a road traffic danger. Also, if you experience a hit and run or the driver is intoxicated, call 999 straight away.
- Avoid claiming it was your fault in an incident. Do not offer to pay for damages. Leave this to your insurer and if the other person tries to do the same, be sure to tell your insurer.
- Be calm and write down the time and date of the incident as well as any names, addresses, phone numbers of those involved, including witnesses.
- Ask the other driver for their car insurance details as they are required by law to share this information with you.
- Grab your mobile phone and take snap shots of the scene, the vehicles involved, etc. in the event the other driver tries to shift blame.
- Write down as much information as possible whilst everything is fresh in your mind. This may include a sketch of the street layout, the weather conditions, if there were witnesses, where you and the other driver were before and after the accident, and so on. The point is to detail as much as possible while you can remember.
- If police arrive at the scene be sure to ask for their names and ‘collar numbers’ so you can pass this information on to your insurer as well.
- Don’t hesitate to inform your insurer immediately
Home Insurance Claims
- If you suddenly experience a problem, like a leaky pipe, call your insurers straight away. Your instinct may be to call a plumber but your insurance firm may have a list of local emergency assistance companies who can get out to you very quickly.
- Double check your policy to find out if any emergency assistance is covered.
- Be sure you understand the conditions of your policy. For example, if your insurer says to submit claims within 48 hours, then you should heed this advice to the letter.
- After emergency repairs are underway, take photos of the damage and provide as much detail as possible so your insurer can process your claim quickly.
- When it comes to personal items be sure to save receipts in case you are asked to provide proof of purchase. If you own expensive or valuable items then double check your policy to see if they would be covered.
- Avoid over exaggeration of damage to your home or belongings. Intentionally falsified information could lead to a full rejection of the claim.
Travel Insurance Claims
- Be sure to tell your travel insurance provider up front about any health issues, including those that require medication. In the short term you could be paying more but if you need to make a claim and you did not mention pre-existing conditions then your claim could be rejected.
- Make sure your travel insurer offers a 24 hour emergency line and keep this number handy
- If a theft occurs be sure to report it to local police within 24 hours. This record will help you in your claim. If you wait til you arrive back home it could be too late to receive compensation.
- In the event something happens whilst staying at a hotel for example, you may need a letter from them to corroborate your story.
- Be sure to write down what happened, the circumstances, where you were, at what time, etc. Did you take precautions to avoid this loss? If so, let your insurer know you were acting responsibly.
- Be aware of any excess you must pay when making a claim. If your loss is less than your excess you may just want to avoid making a claim at all.
Remember, you have a right to complain about rejected claims from your insurer. Simply contact the Financial Ombudsman Service at 0845 080 1800 or send them an email at complaint.info@ financial-ombudsman.org.uk
related keywords:carinsuranceclaims, homeinsuranceclaims, travelinsuranceclaims
Lack Of UK Indemnity Insurance Puts Patients At Risk
According to the UK’s leading medical defence organisation, the UK is one of the last countries in the EU to carry on with an outdated system of indemnifying doctors. As a result, current policies could lead to a higher and unnecessary risk to patients being uncompensated in the event of clinical negligence.
In the majority of developed countries, including large EU member states like France and Germany, doctors and dentists are required to have professional indemnity insurance to protect their patients in the event of negligently being harmed.
There is insurance in the UK however, there is also “discretionary indemnity” which allows the practitioner to “request assistance and have the request considered”, says MedicalNewsToday.com.
The Medical Defence Union, which provides its members with a clinical negligence insurance policy, feels the current lack of indemnity insurance regulation is detrimental to UK patients and doctors alike.
MDU chief executive Dr Michael Saunders said, “In this current medico-legal and economic climate, we cannot understand why the UK still allows unregulated indemnity. The UK has fallen far behind other EU states on this. A German patient who was treated in the UK and negligently harmed by a doctor who was reliant on discretionary indemnity might not be compensated if the indemnifier decided not to assist with the claim. Of course, a German patient who was treated and harmed at home by an insured doctor would receive insured compensation. There is now an opportunity to resolve this anomaly.”
“When damages are awarded in negligence cases it is imperative that patients know they will receive the compensation due to them. The UK has some of the most forward-thinking and technically advanced doctors in the EU but discretionary indemnity is distinctly last century.”
What do you think? Would you feel more comfortable if your doctor or dentist had professional indemnity insurance in case of accidental or, God forbid, intentional negligence?
related terms: indemnityinsurance
Fortis UK Insurance Division Not To Be Sold
In spite of Fortis taking on a similar fate to UK and US banks, they are not planning on selling their UK insurance division despite pledging to sell some of its other assets as part of the bailout deal.
Fortis said the group’s partial nationalisation had not affected its UK division and told their clients not to be concerned by saying, “Their policies will not be impacted in any way and we remain committed to putting their needs first”.
Joint funding efforts from the governments of Belgium, Luxembourg, and the Netherlands amounted to an 11.2 billion euro bailout plan to save Fortis from collapse. Compared to the UK and US, Fortis is Europe’s first bank to require rescue efforts as it becomes one of the latest victims of the approximately 14 month credit crisis.
Last year Fortis’ UK group accounted for £757.8 million in gross written premiums with nearly half that amount (£375.3m) written the first half of this year alone. Profits so far this year have been strong with first-half figures around £43 million, an increase from last year’s overall profit of £29.5 million.
Fortis UK has over 6.7 million customers and claims to be within the top 5 insurers for products ranging from car insurance to travel insurance and life cover.
related terms: fortisuk, fortisinsurance
Wealth Of Average Brit Means Easy Target For Muggers
According to Zurich Insurance the ‘walking wealth’ of the UK has reached a massive £44 billion making Britons an easy, and lucrative, target for muggers. In its “Walking Wealth Survey” Zurich shows that the average Brit will carry around £972 worth of personal items every time they go out in public.
This is an increase of 14%, or a rise from £851 to £972, since 2006. As the UK becomes more and more a culture of wanting the latest gadgets or fashion, it means we’re stepping outside with expensive goods like ipods, the latest mobile phones, blackberries, designer handbags and clothing, and so on.
Women are considered to carry around higher value items with an average value of £1,032 whilst men come in almost £200 less at £828. Believe it or not, It’s the Scots who carry the highest valued items with an average of £1,027 as opposed to their counterparts in the south of England who carry fashionable goods valued at around £916.
Mike Quinton, managing director for Direct & Partnerships at Zurich said, “The majority of people in the UK are not aware of the real value of the belongings they carry on them. We all need to be vigilant and make sure we’re discreet with these expensive items to avoid being targeted by muggers, especially during the summer when people often become complacent while relaxing in parks or on the beach with friends and family.”
Top tips from Zurich insurance to keep your personal items safe:
- Avoid wearing flashy jewellery on public transport or in badly-lit streets or cover it up to avoid tempting muggers
- Keep mobile phone usage discreet
- Keep music gadgets well hidden – don’t take them out of your bag
- Make sure that you have personal possessions cover covering the items you have on a daily basis
- Limit the amount of cash you carry on you, when going out
- Consider carrying just one payment card on you rather than both debit and credit cards and additional store cards
Exit Penalties Free Up Pensions
Millions of people who have pensions tied up in life insurance funds will breath a sigh of relief as they will be given control over their investments.
What has been hailed as a “pension revolution”, according to Times Online, will mean that up to £350 million in protected-rights pensions will be allowed to move to self-invested personal pensions, or Sipps. This new move by the government could benefit up to 10 million people by next week. The original aim of protected-rights pensions was to protect investors however, in many cases performances were simply not good enough.
Despite this good news, some insurers are imposing market value reductions, or MVRs, so that when protected-rights money is transferred away from their insurance funds they will be subject to with-profits MVRs.
The Times Online goes on to say, “Standard Life, Legal & General, Zurich, Scottish Widows, Aegon and Scottish Life all confirmed this week that MVRs would apply to the transfer of protected-rights funds in some cases. And with no end to the stock market turbulence in sight, more insurers are expected to follow their lead.”
Analysts are saying that the more people leave these funds, insurance companies will be pressured to reintroduce MVRs more aggressively. Some investors won’t even know they existed and will be shocked to see their funds being hit by the penalties.
Others may be willing to sacrifice the cost of MVRs on their investment money because Sipps offer more flexibility and greater freedom to invest in more lucrative funds. However, charges on Sipps may be higher than existing pensions so keep an eye out for one-off charges for additional services, such as share dealing and investment advice if you choose not to make investments yourself.
Fortis Could Be Eurozone’s First Major Credit Crunch Victim
Financial group Fortis looks to be headed toward the same fate as many US and UK insurance and banking giants in the past two weeks. The Belgian-Dutch banking and insurance business may be sold to ABN AMRO Dutch banking subsidiary.
The Belgian government will guarantee all retail deposits says a leading minister. Belgian law stipulates only the first 20,000 euros, around £16,000, in bank accounts are insured. Insurance policies here in the UK should be covered by the Financial Services Compensation Scheme.
According to the FSCS, if a life insurance company went bust, the FSCS can “try to arrange continuity of insurance for eligible policyholders by seeking to transfer ongoing policies to another insurance firm”. Policyholders would be protected with a compensation scheme offering 100% protection on the first £2000 and 90% of the remaining value (in a liquidation) of a claim or policy.
The fate of Fortis’s future will soon be known. Last week its shares nearly collapsed falling by as much as one-fifth however back in July Fortis alarmed markets by declaring it had a share issue and cancelled its dividend.
Nearly half of Belgium bank with the group.
Car Sharing – Are You Annoying?
Carrying on from our other article on car sharing, the question is asked, “are you annoying” when it comes to sharing a car ride to work, to the pub, or wherever you may go when car sharing.
For the most part, people sharing a ride is an effective way to save money on petrol, lower emissions, keep the miles down on your car, and so on. However, some behaviours are turning drivers off due to a lack of basic etiquette from passengers.
An example would be lateness. The AA says 72% of people say this is the most annoying thing a car sharer could do. Imagine being late because you were nice enough to pick someone up who wasn’t ready. You figure you are already at their home so may as well wait a few extra minutes only to realise by the time you get to work, you in fact are the one that is late. Up to 61% of those polled by the AA said annoying behaviour would be a major reason people would stop car sharing.
Below you’ll find a list of the most annoying habits of passengers who car share:
- Lateness – 72%
- Criticising driving – 42%
- Putting feet on the dashboard or seat – 39%
- Speaking loudly on your mobile – 35%
- Eating in the car – 29%
So, are you annoying? Would you put up with this behaviour and would this stop you from continuing to car share? Have you any nightmare experiences of car sharing? Let us know
High Petrol Prices Ignites Car Sharing Trend
Recent research by the AA Insurance says Britons are heading becoming a car sharing nation due to the high cost of petrol prices.
Figures show almost half the population that was surveyed are considering car sharing yet only about 11%, or 1 in 10, admitted to actually sharing the drive.
As petrol prices continue to add pressure on the family budget, more and more people are seriously considering splitting the costs by car sharing. The AA says of the 5.5 million Brits that already do car share do it mainly to save money. About one third say they car share for environmental reasons such as reducing carbon emissions.
The AA car insurance group strongly believes in car sharing as a viable way to reduce pollution, save on petrol, and lower congestion on our nation’s roads. It is suggested that drivers should check insurance policies as some car insurers may not cover you in cases where you might car share to go to business meetings. You may need to upgrade to ‘occasional business use’ if that is the case. Also, be respectful of others, particularly when sharing with people you may not know very well.
AA Reports Latest Road Casualty Figures
A recent report by AA car insurance said that one third of fatal road accidents last year were caused by loss of vehicle control and temperament, asking drivers to pay more attention to the road.
For example, crashes among young drivers, in particular males, could mostly be attributed to driving speeds and behaviour behind the wheel. However, overall deaths on the road fell to its lowest levels since records began (1928) and the majority of causes were related to driver error.
The question arises, are these errors simple mistakes or deliberate risks taken by foolhardy drivers?
Another major factor in road deaths can be linked to drink and drugs whilst operating a vehicle. The AA reports deaths from driving over the legal alcohol limit dropped last year to 460, which was an 18 per cent improvement compared to 560 deaths in 2006.
Whilst government figures from drug induced road fatalities were relatively low at 64 in 2007 and 51 in 2006, outside evidence such as surveys and views from the police suggest driving under the influence of drugs is as big a problem as drink driving.
The AA president Edmund King had this to say,
“Drivers and indeed many police officers indicate to us that drug driving is a major problem but the severity of the problem is not reflected in the official figures. We must question whether the true extent of the drug/driving problem is being picked up. It is far easier for an accident to be attributed to drink as alcohol is easy to detect through smell and indeed breathalyser technology. We would welcome a fuller investigation into the true extent of drug driving.”
Washington Mutual Taken Over By JPMorgan
Washington Mutual collapses under the continued onslaught of economic pressures in the largest US bank failure in history.
JPMorgan Chase took over the failed savings and loan giant for a $1.9 billion deal announced by the US FDIC on Thursday. Washington Mutual, also known as WaMu, was the latest bank to fail due to heavy exposure to the US sub-prime mortgage crisis. Shares plummeted 85% this year leading to speculation of, and now reality to, financial ruin.
JPMorgan Chase acquired the assets, deposits as well as certain liabilities of the failed bank which had approximately $309 billion in assets. Earlier in March, JPMorgan had taken over Bear Stearns.
Purchasing WaMu was a strategically sound move for JPMorgan. Chairman Jamie Dimon said, “This deal makes excellent strategic sense for our company and our shareholders”.
Washington Mutual had approximately $188 billion in deposits turning JPMorgan Chase into the largest US depository institution with more than $900 billion in overall customer deposits.
Chairman of the FDIC Stella Blair assured Washington Mutual customers their interests would be protected by saying, “For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks”.
In addition to JPMorgan Chase, other bidders for takeover of WaMu included Citigroup, Wells Fargo, Spain’s Banco Santander, HSBC of Britain, and TD Dominion of Canada.
