When it comes to choosing travel insurance, consumers should ensure that they get the appropriate level of cover, rather than going straight for the cheapest option, an expert has claimed.
Sean Tipton of travel agents’ association Abta said that it is also important for travellers to discussion any pre-existing medical conditions with their insurance provider, as they could affect the policy.
His comments come after a report by consumer group Which? claimed that many travel agents are selling potentially unsuitable travel insurance that offers poor value for money.
The organisation said that 17 of the 29 companies it visited failed to offer the basic details of their policy, while six did not enquire about pre-existing medical conditions.
Monthly Archives: May 2010
Go for cover with insurance
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Filed under insurance
Mortgage lending falls
Filed under Mortgages
Gross mortgage lending by high street banks edged down in April to £8.2 billion after hitting £8.7 billion in March, according to new industry figures.
Statistics published by the British Bankers’ Association (BBA) show that lenders gave the green light to nearly 36,000 loans for people looking to buy a new home last month.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, says that the number of mortgage loans approved for house purchases still remains well down on the levels towards the end of last year.
He added that the spike seen in the last few months of 2009 was down to buyers rushing to beat the end of the stamp duty exemption on properties valued at £125,000 to £175,000.
UK economy grew 0.3% in Q1
Filed under banking
The UK economy grew at a faster rate than previously thought during the first three months of the year, according to the latest figures from the Office for National Statistics (ONS).
It said gross domestic product expanded by 0.3 per cent during the quarter compared with the last three months of 2009.
This was revised up from an initial growth estimate of 0.2 per cent, which was published in April.
According to the ONS, the output of the UK’s production industries increased by 1.2 per cent between January and March.
Within the sector, manufacturing output rose by 1.2 per cent, while production in the water, gas and electricity industry was 1.7 per cent higher.
1.5m have inadequate cover
Filed under insurance
Around 1.5 million households are putting themselves in a "dangerous position" because they lack adequate insurance to cover their property, according to a new survey.
The poll by moneysupermarket.com found 500,000 people only protect the contents of their home, while 750,000 just have buildings cover.
Another 250,000 have no insurance in place at all, the site said.
Julie Owens, head of home insurance at moneysupermarket.com, said that in the event of accidental damage, break-ins or loss of items outside of a property, people without contents cover could be left with "very expensive bills" for repairs or replacements.
Similarly, people without a buildings policy could be left out of pocket if their house is hit by subsidence, burst pipes or a broken boiler.
Mortgage lending down
Filed under Mortgages
Gross mortgage lending fell by 12 per cent from £11.6 billion in March to an estimated £10.2 billion in April, according to the latest statistics from the Council of Mortgage Lenders (CML).
Last month’s figure is one per cent down year-on-year and is the lowest recorded for April since 2000, when lending stood at £9.3 billion.
The CML said that it remains a "difficult market", particularly for those looking to buy their first home who do not have access to a large deposit.
Furthermore, with a "fiscal squeeze" imminent, the organisation warned of a slowdown in the housing market and the wider economy, although there are positive signs that the Bank of England will help to support the property sector by keeping interest rates low.
Child Trust Funds scrapped
Filed under Savings and Investments
State contributions to child trust funds (CTFs) will end by January 2011, the Treasury has announced.
The government will introduce legislation to start phasing out the £250 vouchers given out at birth and top-up payments made after seven years from August.
Chief secretary to the Treasury David Laws said the move would save £320 million in 2010-11, climbing to £520 million in 2011-12.
A poll conducted by F&C Investments showed that 70 per cent of parents with children aged eight and under plan to carry on saving for them even if the abolition of the CTF is approved by MPs.
Every child in the UK born on or after September 1st 2002 was eligible for one of the accounts.
HIPs suspended
Filed under Mortgages
The legal requirement for property owners to pay for a Home Information Pack (Hips) before they put their house on the market has been suspended with immediate effect.
Communities secretary Eric Pickles and housing minister Grant Shapps made the announcement, saying that it sent a "clear message of encouragement" to people thinking of selling up.
Mr Pickles added that scrapping Hips would save consumers around £870 million over the next ten years.
Hips comprise a set of documents including a Property Information Questionnaire and an Energy Performance Certificate (EPC) designed to provide prospective buyers with key information about a property.
While the main packs have been suspended, homeowners will still be required to commission an Energy Performance Certificate for their property.
Credit shakeup planned
Filed under Cards
The government plans to give financial regulators more power to define and ban "excessive" interest rates for credit and store cards as part of its strategy to improve consumer protection in the UK.
In their programme for the next five years, the Conservatives and the Liberal Democrats also said that they oblige credit card firms to provide information to customers in a "uniform electronic format" that will make it easier for borrowers to find out if they are getting the best deal.
Furthermore, the coalition plans to introduce a seven-day "cooling-off period" for store cards.
Other measures in the government’s plans include ending "unfair" bank charges and fees for certain financial transactions.