the uk insurance

New research by the comparison site Gocompare.com has revealed that although 61 per cent of consumers are expecting 2011 to be a very difficult year financially, over 12 million** of them have never switched any of the 20 most common financial products including car insurance, home insurance, energy provider, credit card or mortgage lender. 13.8% of consumers have NEVER switched their home insurer. This is interestingly juxtaposed to the fact that 81 per cent of Brits are hoping to save money this year with 22 per cent citing bills and the rising cost of living as their biggest financial worry for 2011. Other consumers are being proactive in trying to save cash by comparing the deals on their financial products, ditching uncompetitive providers and switching to companies offering better value for money. In fact, 26 per cent of consumers switched their home insurance provider in the last year which means up to 19 million* households could be paying too much to protect their home and belongings. In 2010 Gocompare home insurance customers saved, on average, over £238.22*** by switching their buildings and contents insurance after comparing policies from over 70 different insurers and brokers. John Miles, business development director of Gocompare.com, said: "4 out of 5 Brits are hoping to save money this year but unfortunately insurers, energy providers, and lenders aren’t in the habit of voluntarily giving better deals to loyal customers so it’s up to consumers to shop around. Thankfully comparison sites now make it easier than ever to quickly compare and switch a wide range of financial products so if consumers have access to the internet a few minutes spent managing their money could save them a packet in 2011." * According to the Office for National Statistics there are 26.1 million households in the UK. 73.6% of people have not switched home insurer in the last 12 months. 73.6% of 26.1 million is 19.2 million and 90% of people who have not switched their energy provider equates to 23.49 million. ** The UK Adult population (+18) is estimated to be 47,755,246, according to Experian’s Demographic Summary). 25.9% of survey respondents have not switched providers for any of a list of top 20 financial products. 25.9% of 47,755,246 is 12,368,608 *** Based on online independent research by Consumer Intelligence from 01 November 2010 to 30 November 2010. 10% of Gocompare.com customers could achieve this saving. PLEASE NOTE: News items are intended for information only and should not be relied upon when making buying decisions. Due to their nature some of the information in these news stories may no longer be current.

Insurers are continuing to warn that they might not be able to guarantee offering flood protection to some customers if government cutbacks affect the budget for flood defences. At the moment, the Association of British Insurers has a deal with the government by which it promises to offer cover to all but those at the most at-risk homes, with the government committing to boosting defences. That deal runs out in 2013 and the ABI says that it can't be extended in its current form. The two sides are also in dispute about whether the ABI has lived up to it's side of the deal. Critics say that those who suffer costs face hefty premium and excess rises, and there are questions about whether specific flood defence improvements have been reflected in lower premiums for affected householders. In reply, the ABI argues that many people in flood-prone areas pay low premiums in comparison to their actual risk levels, and that most home insurers provide cover beyond what was promised in the agreement. The Department for Environment, Food and Rural Affairs is continuing to consult on ways to tackle the flood insurance issue after 2013.

Thousands of people have problems with health insurers each year. But you can turn to the Financial Ombudsman Service if you feel you've been cheated. All regulated, major insurers are signed up to the Ombudsman. Its service is independent and free to consumers.

We set out the key points to making health insurance claims. 1. Complain to the company or financial adviser that gave you the advice about your health insurance policy. It is no good taking your complaint straight to the Ombudsman: you have to exhaust the complaints procedure of the company concerned first.
2. State your case in writing as clearly as possible, quoting any policy numbers or customer reference numbers, listing events in date order, and enclosing copies of all relevant documents (never the originals). Ask for a copy of the firm's complaints procedures which should include a timescale for dealing with your complaint. If you don't hear back then write again setting your own deadline - 14 days is reasonable for a first response. Keep all communication in writing, so you have a record of who said what and when they said it.
3. Say what you expect the firm to do such as fulfilling on a pay out, correcting a fault, returning your money, or paying something for your distress. If you phone, note the name of the person you speak to and record what was said by both of you. Follow up with a letter confirming your conversation.
4. If your deadline passes with no response, write again setting another deadline. Send a copy to the company's chief executive (ask the company switchboard for his name or find out from a public library or by searching on the internet)