Archive for June 2009

Modified Car Insurance Advice

With the rise in the number of customised and modified vehicles on the UK roads a whole new division of car and specialist motor insurance is rapidly growing to fill the cover needs of hot hatch owners and modified cars. You will be surprised but the majority of these cars are not owned by boy racers – more like middle aged life crisis racers! Today we look at the UK market for modified car insurance….

Modified Vehicle Specialist Car Insurance

Owners of modified cars by their very nature appreciate personalisation and providers of modified car insurance realise this. It is surprising how few of these owners have omitted to plan for the additional insurance cost when first contemplating making modifications to the car, showing what is quite often meticulous interest in the detail that the majority of us would overlook when thinking about how to cover our car.

Car Insurers have therefore had to be equally ingenious in their underwriting methods to be flexible enough in modifying their rating structures to accommodate the varying needs of modified car insurance.

It is one area of the specialist car insurance sector which is constantly evolving. Whilst classic car insurance gets larger in its risk pool as each year more cars join the classification, modifications could today mean a thousand more different things than it did even ten years ago with the advance of technology and the use of components that didn’t exist before.

Modified vehicle insurance has had to be able to adapt to the ever increasing demands of twenty first century living.

Out of this need for flexibility while retaining competitive prices have arisen many modified specialist car insurers who actively seek out the hot hatch or boy-racer type risk that the main stream car insurance supermarkets would turn away as soon as they had discovered either the prospects car model, age or modification requirements.

Modified car owners are also by nature not as risk averse as the standard saloon driver with 2.4 children. Car Insurance has had to adapt to allow policy level underwriting for modified owners as individuals, to set their preferred levels of cover, rather than standard rating which takes an en mass approach. Insurance companies have had to realise that if they want the specialist car insurance market business, that they must take into consideration that as modified vehicle owners take pride in their vehicle and maintain their cars to the highest standards, they would expect nothing less from an insurance policy.

There are now many online modified car insurance specialists who offer instant cover online for straight forward modifications such as alloy wheels and in-car hi-fi or security devices. Some of the better ones can even cover you for certain engine and power modifications online. All of them should have a helpline where if you get stuck and cannot continue with an online quote, you should be able to talk to an expert who will help you with your specific modifications and insurance enquiry. Remember to keep the quote reference number if telephoning a company or broker to discuss your modifications. This will save a lot of time repeating what you have already told them about yourself and your car.

You can compare quotes for modified car insurance from the UK’s largest online specialist car insurance comparison providers.
If you get stuck at any point in the quote process they have very friendly staff who will talk through the pricing of your cars modifications.

Accident and Sickness Insurance for the Self Employed

Accident and Sickness Insurance For the Self Employed

If you are just starting out in business or have been self employed for some time you should consider protecting not just yourself, but also your home and family against the possibility of you having an accident at work or home, or perhaps getting sick for a long time and not being able to work.

Both of these risks happen every day to someone unfortunate and it would be a brave person to jeopardise their home and business when accident and sickness insurance is widely available online to purchase in an instant cover that has been specifically designed for the self employed, and would remove all those worries.

Accident insurance is always sold as a policy in conjunction with Sickness insurance. This can usually be purchased individually as what is known as a disability cover or bundled up in a group of insurance products usually known as ASU (Accident, Sickness and Unemployment) or as Protection Insurance, commonly known as PPI.

When you purchase accident and sickness cover, you purchase levels of protection as units of what is known as monthly benefit. So for example if you need 1000 units of monthly cover you pay by the percentage rate cover unit determined by how old you are.

Typically a thirty year old in the UK who buys disability insurance from a well known independent supplier, will pay as little as GBP18 per month for GBP1000 worth of benefits, should they get sick or have an accident, leading to missing time off work.

ASU can be particularly cheap for self-employed persons if bought without the unemployment element of cover, which has significantly increased the cost of this type of cover in the near past due to the economic crisis.

Working for yourself is hard enough work alone, without having to worry about where the money is going to come from to pay the bills if you have to stop your business dealings for any time due to an accident or sickness.
Protection Insurance products such as mortgage, lifestyle and income protection, all offer peace of mind and cover for anyone who works for themselves or as a contractor, and is not covered by any existing employer accident compensation.

Be aware that any long term pre-existing medical condition usually excludes you from purchasing Payment Protection Insurance or Sickness Insurance cover.

Shop around the independent providers of ASU for accident insurance, as there are always good deals to be had in this very competitive market Sickness Insurance and Accident Insurance for the self-employed can be purchased quickly online from leading UK companies.

Mis-Sold Payment Protection Insurance? Claim It Back Now!

Have You Been Mis-Sold Payment Protection Insurance?

If you took out a loan, mortgage or credit card from a bank or building society in the UK the chances are that you were mis-sold payment protection insurance or PPI as it is often known. The law has now changed and it is possible to reclaim all your payments in full plus in some cases, damages, usually at no cost to yourself through a so called no win no fee agreement..

The types of policies that were mis-sold were mortgage protection, loan payment protection insurance, Credit card insurance and in some cases and income protection.
Whether you qualify to claim depends very much upon when you were mis-sold the policy. The new law only covers payment protection insurance policies sold after January 2005. However, many lawyers will pursue on you behalf policies sold before the cut off date, and in many cases recover your payments. there are numerous no-win no-fee law firms starting up to pursue these errant banks and lenders through the UK courts in what has become a multi-billion dollar business.

The good news for the claimant is that these law firms handle everything for you and the only contribution you have to make is confirming the mis-selling took place and banking the check.

You are eligible to claim through the UK courts against a lender who mis-sold you payment protection insurance if you can satisfy any one of the following 13 conditions.

1. The PPI was added without your express agreement or knowledge.

2. The sales staff or person selling the mortgage or loan insurance was coercive, pushy and strongly advised you to take out the PPI cover.

3. You were told you had to take the payment insurance.

4. You were told you could not get the mortgage without MPPI.

5. You were told you could not get the loan without loan payment protection insurance.

6. The cover you were offered was included in the loan or mortgage

7. You knew you were soon to be unemployed.

8. You were self-employed when the payment protection was sold to you.

9. You were retired or over the age limit for PPi cover which is usually 65.

10. You were not asked about any pre-existing medical conditions that you may have suffered from.

11. You were not told that pre-existing medical conditions could affect your insurance cover.

12. You were not informed that the UK’s two largest problems for time of work, namely stress and back problems were excluded from the insurance/ or you informed the lenders staff about your medical condition but was not warned that this would affect the protection insurance cover in the event of a claim.

13. You were not asked if you already had any existing mortgage protection or loan insurance in place elsewhere or employer benefits that would cover my repayments.

If any of the above instances apply to you , you have probably been mis-sold payment protection cover and need to contact a solicitor or specialist lawyer who will claim on your behalf. Act now as there may well be additional time limitations put in place as the number of claims rises.
payment protection insurance available from independent UK suppliers visit the Payment Protection Insurance News website run by specialist provider Burgesses.com.

A Quarter of Home Insurance Policies Cancelled As Recession Grips

One in four people have cancelled or not renewed their annual home insurance in order to save money during the recession, according to a recent survey carried out for the association of British insuraers (ABI)

The research carried out by a national survey of over 2,000 adults conducted by YouGov, on behalf of the ABI, also shows that other insurances that are seen as ‘luxuries’ such as life insurance are also being ditched, as families try to balance outgoings with income, in what is already in most homes a seemingly impossible task.

The survey found the following worrying trends for the UK Insurance market:

Nearly a quarter of people 22% say that to save money in the last year they have cancelled or not renewed their home contents insurance.

More worryingly, 17% say that they have cancelled or not renewed their buildings cover, some probably against the terms of the mortgage that usually insists that buildings cover is in place to protect value of the charge on the property.

In Scotland, the figures rise to 28% for contents and 21% for buildings.

13% have cancelled their life insurance.

One in five (21%) say that they are seriously considering reducing or stopping saving. (Well with Interest rates so low – who can blame them!)

This lack of cover is leaving many families even more exposed to their biggest fear in the recession: nearly half (49%) of those surveyed said that they currently worry about their in ability to cope with a sudden event, such as a burglary, accident or loss of employment.

Interestingly, other research found that :

Over half (53%) of women worry about how they would cope with an unexpected event (compared to 43% of men).

And 44% of women are worried about the adequacy of their pension (38% men), reflecting lower pensions among women.

Asked what cutbacks people have or would be making: over two thirds (68%) said that family treats, such as eating out, were top of their list, followed by holidays (56%). Six out of ten women are prepared to reduce spending on clothes and shoes.

Insurance Blogger urges those thinking about cutting back on home insurance cover to consider what would happen if their house was burgled or flooded?
With rising crime and rising floods a couple of hundred pounds on a home insurance policy might seem small beer if the worst occurs.
Shop around for home insurance on the Internet or visit a specialist home insurance provider for an array of good deals at the current time.

Payment Protection Insurance Claims and Premiums Rocket

The recent tide of misselling of Payment Protection Insurance in the UK , in particular the outlawed single premium PPI cover, is ripping back to catch those offending banks and lenders through the UK courts.

If you have been ‘sold’ either Mortgage Payment Protection Insurance, Loan Payment Protection Insurance or credit card insurance during the last four years, you more than likely have the opportunity to claim all of your premiums back!

Before you go running to many of the no-win no-fee PPI claims lawyers that are springing up everywhere, your first port of call should be to complain to the offending bank, lender or finance company that mis-sold you the protection. If you do not get any from them then you should immediately contact the Financial Ombudsman

The number of PPI mis-sold policy complaints being upheld against financial services companies has soared during the past year, according to the Financial Ombudsman Service Annual report, which deals with public complaints about Insurance.

The number of complaints about payment protection insurance misselling tripled to 31,066 during the last year, this followed a five-fold increase in complaints during the previous year.
The number of PPI complaints upheld by the Ombudsman was an astonishing 89 per cent proving that the policies were widely missold.

The Ombudsman blamed the situation on the economic downturn, saying some firms were not investigating claims properly before they were referred to the service because they were watching their bottom line.
It added that survey evidence suggested that many consumers were being put off pursuing complaints against companies because of the unhelpful attitude of the firms involved.

If you believe you have been mis-sold a PPI policy you should write to the company involved.
You should tell them that you do not believe that the PPI you bought was sold in your best interests.
you should tell them that unless they can prove that the policy was fair and reasonable and that yuo were treated fairly when sold the insurance – that you demand a full refund of all premiums, and subsequent interest on these payments, that you have paid in relation to this policy.
You should also inform them that you also expect 8% interest to be added to each payment you have made – as this is the statutory amount a UK court would pay.

Around half of the complaints against PPI misselling related to six of the UK’s largest financial institutions! PPI is still a good product for Accident Sickness and Unemployment protection, however it is wise and much cheaper to purchase this type of cover on a monthly basis from one of the leadinbg Uk independent PPI providers.

Some examples of these are:

Burgesses – the UK’s leading PPI suppliers
Personal Accident – Compare mortgage protection and Income protection insurance rates and plans
iProtect – offering free switch facilities at great rates
British Insurance – various PPI online offerings at competitive rates