Tag Archives: insurance policies

Assets, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money, Security

Consumers Need To Exercise Better Online Privacy In A Bid To Protect Insurance Premiums

Policy holders could face price hikes on their insurance premiums or even have claims rejected as the rise and rise of social networking sees more people advertise their whereabouts and holiday plans on the internet.

Insurance provider Legal & General recently highlighted the need for consumers to think twice before broadcasting their vacation plans as thieves could easily scour social networking sites for potential targets and empty homes.

The continued expansion of Google’s Street View program also means burglars have increasingly thorough access to technology that could help them locate vulnerable properties.

QuoteBoffin echoed the call for consumers to exercise better online privacy:

“Social networking sites such as Facebook are a great way to let friends know what you’re up to but people have to remember that some pages can easily accessed by strangers.

“This means absolutely anybody could find out when and for how long you’re property will be vacant which is very dangerous.”

Policy holders are reminded not to give out personal information online, especially updates regarding their plans to leave the country or their home for long periods of time.

Twitter users were recently put in the spotlight after the website www.pleaserobme.com provided real-time updates of empty homes belonging to people using Foursquare to update their exact location.

The creators of pleaserobme.com were slammed for creating a tool for burglars despite claiming they were highlighting people’s willingness to broadcast sensitive information such as postcodes.

Although insurance providers have yet to absorb the risk from social networking into policy premiums, it is up to consumers to protect their possessions by implementing common sense.

QuoteBoffin.co.uk said: “The insurance industry is definitely concerned about the impact social networking could have on our possessions as well as our personal safety.

“Although insurance is there as a safety net during worst case scenario moments, consumers can do their bit to protect their premiums by refraining from broadcasting sensitive information in public forums that could then lead to a claim being made.”

Via EPR Network
More Financial press releases

Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Insurancewide, A Leading Insurance Comparison Provider In The UK, Is Urging Insurers To Offer Consumers More Flexibility When It Comes To Health Insurance

The call comes shortly after Tesco Insurance announced it was launching new levels of health cover in response to a customer survey asking for greater flexibility towards private medical insurance. The insurer revealed that it would be adding three new cover options to its list of health insurance products: Operations and Procedures, Consultations and Tests and Additional Therapies. New customers will also have the option of getting three months free when they sign up to Tesco Health Insurance.

Although figures from the Association of British Insurers indicate that the number of people covered by private health insurance is on the rise, with a 2.7 percent increase registered in 2008, Insurancewide believes that further measures can be taken to make medical cover more accessible to the general public.

Making UK health insurance policies more flexible

Since the UK has provided its population with free health care on the National Health Service for over half a century, many Brits tend to look upon health insurance as a luxury rather than a necessity. Yet with medical threats like swine flu making their way closer to home, and NHS waiting times showing no signs of getting shorter, many people have effectively come to consider private health insurance as a requirement and a valuable source of peace of mind.

However, despite this widening market, many health insurers continue to sell general medical insurance packages without giving customers much room to tailor their policy to their own requirements. For instance, a family of four may wish to have a policy weighted towards paediatric care, while a young, single man in his twenties may want to purchase a health insurance policy containing options for alternative therapies such as acupuncture and physiotherapy. Others – especially people who already have a life insurance policy in place – may want to pay less for medical insurance without accidental death cover.

Insurancewide allows customers to compare health insurance policies across the UK market, making it simpler for users to request quotes and contrast policy benefits in order to choose a plan that’s right for them. However, to provide consumers with even more flexibility, the insurance comparison provider urges medical insurers to offer consumers greater choice to build policies to their own requirements, and offer policyholders insurance packages that are bespoke, comprehensive and affordable.

About Insurancewide

Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools that allow users to search the market and procure the best insurance policies and quotes. Insurancewide was launched in August 1999 as the first insurance comparison website on the internet. The site also powered tools used on popular website Confused.com. Insurancewide is FSA regulated.

Via EPR Network
More Financial press releases

Financial, Financial Services, Insurance, Insurance Services, Money

Cash Strapped Brits Plan To Cut Insurance

Research by insurer LV= has revealed that more than five million Brits (12%) plan to cancel or reduce one or more of their insurance policies over the next 12 months, in a bid to save money during the recession, with home insurance policies set to be the hardest hit.

Of the 5.1 million who are looking to change their level of cover to save money 44% are considering cancelling or reducing their home insurance. Overall, the most popular element of home insurance cover to cut is flood insurance, with 29% of people saying this would top their list. This is despite numbers of flood claims increasing dramatically in the last three years due to bad weather and costing an average of nearly £17,000* each time.

Among those that are planning to cancel or reduce their insurance policies this year, 37% said they are considering downgrading their car insurance. Motorists in this situation should bear in mind that car insurance is a legal requirement. If they are caught without the right insurance they could risk a fine of £5000, disqualification and the car being seized and crushed by the police.

Another popular type of insurance to be cut back on is travel insurance. Almost a quarter of those who intend to cut back (22%) said they plan to cut or reduce their travel cover. Travel insurance is extremely cost effective, with insurance for a week in the sun costing from under £20**. This is compared with the cost of an air ambulance from the Canaries back to the UK carrying a fee of around £16,000***.

On average, those who are planning to cut their insurance cover this year believe they will save £125 over the course of the year, working out at just £10.41 in savings a month.

LV= warns consumers that they could leave themselves underinsured and exposed to costly bills by being too hasty in cancelling or reducing important cover.

John O’Roarke, managing director of LV= general insurance, said: “It’s understandable that people are looking to ways in which they reduce their outgoings, however cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens.

“Home contents insurance is not legally required but anyone who has suffered a flood or break in will know how important it is to have cover in place as if you do have a problem and you don’t have cover, the cost often runs into many thousands of pounds.

“I would just urge those looking to save a few pounds to consider the wider implications of leaving themselves without valuable insurance cover this year, as it is at time likes these, when money is short, that insurance becomes evermore important.”

* LV= internal claims data
** £17.62. Based on a 28-year-old male, travelling to Europe on 12 February for one week including personal possessions cover, £10 million medical cover, £5000 cancellation cover and £2500 for baggage and £500 for lost or stolen money. The policy has an excess of £50.
*** Commonwealth Office (FirstAssist)

Opinium Research carried out a survey of 2141 people between 16 and 20 January 2009.

 

About LV=
LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs more than 3400 people, serves more than 3.6 million customers and members, and manages around £7 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Year Book 2006/2007, Total Net Assets) and a leading mutual financial services provider.

Via EPR Network
More Financial press releases