Tesco Finance are telling UK consumers that there are savings to be made on insurance products, it is down to people to go and get them.
Take as an example home insurance renewals. 44 percent of consumers found their premiums had gone up, but nearly two thirds of people then stayed with their existing insurer rather than looking for an alternative at a lower price. It is not difficult to change insurers said a Tesco Finance spokesman, it simply needs a little motivation to get started.
The different comparison options available through the internet can really help with this process, making it quick and easy to see policies side by side. Tesco Finance recommend all consumers should do this and see if they can reduce their outgoings.
Esure are reminding the new students headed for university this year that home insurance cover is something that should not be overlooked.
The typical student will have around GBP1,500 worth of items they take with them when they go to university and without proper home insurance cover this could all be lost. Parents often help out with student insurance cover, though Esure found nearly a quarter of them had not thought about the matter.
Cover can be arranged quite easily for most students, sometimes having their own policy or alternatively using existing home insurance that their parents have. A number of insurers will include separate cover for students accommodation on the main home policy said Esure.
AA Insurance has asked the government to continue investing in flood defences as well as suggesting local councils should not approve building in high risk areas.
The floods of last year were exacerbated by the inability of the drainage systems to take the water away, aspects that the government can have a big say in. Around 180,000 claims were made last year following the floods said AA Insurance, costing insurers some GBP3 billion. There were also many people without home insurance who suffered as well, highlighting the need for both buildings and contents insurance to protect the most valuable assets people have.
Looking to the future there may be a situation where insurers like AA Insurance and others refuse to cover people for flood damage unless steps are taken to improve the defences available. Such a scenario would be a nightmare for homeowners of course. An alternative may be higher premiums, though the increase would be large in order to cover the potential risk, again leading to many consumers being unable to afford the cover they need.
