The Financial Blog

CEO at Gocompare.com Hayley Parsons said:”We welcome the Defaqto report and its findings. It sends a clear message to consumers that true comparison sites should offer more than just a list of cheapest prices and hopefully it will also be a wake up call to other so called aggregators that they need to sharpen up their act. Gocompare.com is one of the five comparison sites Defaqto has highlighted as being true aggregators for home insurance and we’re very proud of the service and information we provide.

“There are greater challenges for aggregators offering home insurance than there are for car insurance. Home insurance is a more complex product and a lack of common policy wording across brokers and insurers does sometimes make it harder for aggregators to put together adequate question sets. However, this shouldn’t be an excuse for offering an inferior service. Comparison websites have enabled consumers to find the right policy and save hundreds of pounds a year on their car insurance and there are similar savings to be made when it comes to home insurance renewals.”

>>Click here to GoCompare.com!

According to new research from Swiftcover.com if you drive a Ford Fiesta or a Volkswagen Golf and live in London or the Midlands, you are more likely to be a victim of vehicle-related theft than anyone else in the country.

Swiftcover.com is an online car insurance company and as an insurer they have put together a list of the ‘most likely’ victims of vehicle-related theft from its claims database from April 2007 - April 2008. The figures incorporate both theft of the vehicle itself and personal belongings.

The figures show that only just under half of victims ever see their car or belongings again, and of those who do, 48 per cent will have suffered damage, showing how important it is to take proper security precautions.

Unsurprisingly, the dark nights of winter seemed to have proved a happy hunting ground for thieves, with vehicle-related claims nine per cent higher through the months from October to March, compared to April to September.

But there’s relatively good news for people living in Scotland and the Borders, as swiftcover.com’s figures showed that they were least likely to have their car or belongings stolen last year.

Robin Reames, claims director of swiftcover.com, comments: “Whether you live in a busy town, leafy suburbs or sleepy village, always keep your car secure even for just a few minutes.  It’s amazing how many people leave their keys in the ignition whilst de-frosting the car, or pop into the post office leaving their car windows open. It’s just an open invitation to opportunistic thieves.”

Summary of research findings

Table 1: Most popular car makes for thieves

1) Ford Fiesta
2) Volkswagen Golf
3) Vauxhall Astra
4) Vauxhall Corsa
5) Nissan Micra

Table 2: Most common locations for car thieves

1) London
2) Midlands
3) North West
4) Yorkshire
5) Southern counties

In order to help motorists secure their cars against thieves, swiftcover.com has put together a handy list of Do’s and Don’ts:

Do

• Consider taking out extra insurance cover, such as swiftcover.com’s gadget cover for just £29.99 a month
• Invest in security equipment like wheel-locks and immobilisers, alarms and trackers,
• Remove your Sat Nav and stereo/CD player when you leave your car
• Consider etching your vehicle ID number onto surfaces
• Before buying, check the vehicle you are interested in is not stolen. Visit www.direct.gov.uk for more information

Don’t

• Don’t leave your belongings visible on the seat or dashboard - even if it’s only for 10 minutes
• Don’t leave windows, doors or sunroofs open
• Don’t leave your car unattended with the key in the ignition
• Don’t leave your car keys where they could be stolen - e.g. on your hall table
• Don’t leave your car in badly lit or poorly visible places

And >>Click here to compare car insurance and make sure you find the best deal for you…

Commenting on the recently published Equality Bill - Paul Baxter from Tescocompare.com said:

“Tescocompare.com is fully supportive of any legislation which makes our society fairer. We are therefore pleased that the Government has said the proposed law will not ‘affect differential provision of products or services where it is actuarially justified’, because to do so, would have been unfair. With insurance, people in a higher risk category (ie. where experience shows that they are more likely to claim) have traditionally paid higher premiums. A good example of this is the fact that premiums for younger car drivers are higher.

“Much of the attention is on the increasing premiums of older drivers as well as the difficulty in obtaining quotes from many insurers. Tescocompare.com figures show that a driver’s premium will double from age 70 to 85 - and then double again by the time they are 90; whilst at the same time the number of insurers willing to quote falls - offering less choice. Whilst the new legislation will allow insurers to continue to price for the risk - so older drivers will pay more - it should not stop people researching the market each year using a comparison site to ensure they are getting the best deal and the right cover for them.”

Today 39 million people in Britain are recycling their household waste and I remember the change from our one ‘wheelie’ bin for all household rubbish to the smaller recycling containers everywhere today. There are still 800,000 people who say they have done absolutely nothing towards recycling their rubbish and haven’t taken any cost and energy saving measures.

New research from Tescocompare.com reveals that the huge rise in fuel and energy prices could force 22 million Brits into ‘green’ action, the ‘Greenvolution’ is coming, they say…

The UK might see somewhere in the region of a 50 per cent increase in environmental activity because of high fuel and energy costs. In fact 54 per cent of the 15 million British homeowners say that they will ‘go green’ to try and save money.

Simple tasks like recycling household waste is done by 39 million peoplem which is 83 per cent of us in the UK; 66 per cent of us switch off electrical appliances at the mains (turn the plug off!) rather than leaving them on standby, which wastes energy. I was quite surprised to see that 76 per cent of people have installed energy saving lightbulbs which cut down on electricity bills.

Other, perhaps less well known energy saving tasks include; washing your clothes at a lower temperature like 30 degrees, don’t take a bath because energy is wasted heating all the water, get a shower instead! And don’t overfill your kettle, use just enough water for the number of cups needed! These are all simple things that you probably think ‘yeah I knew that’ but honestly how many of us actually bother sticking to these suggestions?

Paul Baxter, at Tescocompare.com says, “Going green takes a little bit of effort but can reap huge rewards in the long and short-term. The cost of living and household bills are creeping up and up, but there are lots of things that cost next to nothing, which we can all do on a day-to-day basis to reduce our carbon footprint and energy bills. Simply turning gadgets off at the mains when you’re not using them is a sure-fire way to save the planet and the pound in your pocket.”

I’d be itnerested to know how many people have considered or are seriously considering changing their car for a Hybrid or LPG model? Not only would this help the environment but it would most definately save on your fuel bills…Take a look at my post about ‘Fuel-offsetting’, basically use the money you save from comparing car insurance and finding a cheaper deal toward your anual fuel bill.

Paul Baxter, Director of Commercial and Partnerships at Tescocompare.com, said:

“It is evident from the Pitt Review that the authorities and public alike must take the threat posed by floods more seriously - if we are to prevent a repeat of the £3bn of damage caused by last summer’s floods.  Tescocompare.com sincerely hopes the Government will take the Pitt Review’s criticism on board to ensure the nation is better prepared next time the rains come.”

“Being hit by flooding is no doubt a traumatic experience for anyone, but at least some of the monetary strain can be taken away by adequate insurance cover. It is important that people do check their insurance details carefully to make sure they are covered should the worst case scenario hit. Details such as whether the property has been flooded in the past, is within a flood risk area and the distance to the nearest stream or watercourse all need to be registered correctly on the insurance policy to make sure any flood related claim will not be invalidated. We urge people to take a close look at their policies now to ensure they are fully prepared should they be affected by any floods this year.”

>>Click here to compare home insurance

Peter Gerrard, head of insurance research at price comparison site Moneysupermarket.com Comments on the final report of The Pitt Review, he said:

“The final report of The Pitt Review is certainly a step in the right direction for managing flood risk in the UK. It has been one full year since floods hit Britain and homeowners in flood risk areas are already finding it difficult to find affordable and competitive insurance cover, especially if they have already made a claim for flooding.

“The ABI estimates that in some areas affected by the summer 2007 floods just a quarter of homes had contents insurance, yet in the aftermath, insurers received around 165,000* claims related to flooding - equivalent to four years worth of claims.

“Looking forward insurers may be reluctant to insure homes in flood risk areas, especially for properties where a claim for flooding has already been made. Anyone planning to buy a home on a flood plain should think carefully about the impact location might have on their premiums, or whether they can insure their home at all.

“I urge homeowners to ensure they have adequate insurance, whether living directly in a flood risk area or not. With last year’s dramatic events in mind it is crucial to check your home and contents are covered. If faced with a flooding situation the last thing you want is to find yourself underinsured or worst - not covered at all.”

>>Click here to compare home insurance

Sir Michael Pitt has called for changes in the way the UK adapts to the increasing risk of flooding and has put forward a range of policy reviews for the Government to consider, urging the government to publicy set out how it will help.

Sir Michael said; “During the year I have received more than one thousand written submissions from the public, consulted widely and visited communities to see for myself the extraordinary hardship so many families across the country are facing. It is unacceptable that one year on, thousands of people remain in temporary accommodation.”

“Research published as part of my report today shows that the risk of flooding continues to escalate; making the events that shattered so many communities last year an ever increasing threat. I urge the Government to show leadership and urgently set out the process and timescale for improving resilience in the UK. The recommendations in my report are realistic and affordable and should be made a priority. Waiting for another serious event is a dangerous ‘strategy of luck’; we need to act now to protect our future.”

The Government should:

• Establish a Cabinet Committee dedicated to tackling the risk of flooding, bringing flooding in line with other major risks such as pandemic flu and terrorism
• Publish monthly summaries of progress during the recovery phase of major flooding events, including number of households still displaced
• Ensure proper resourcing of flood resilience measures, with above inflation increases every spending review
• Establish a National Resilience Forum to facilitate national level planning for flooding and other emergencies
• Have pre planned, rather than ad hoc, financial arrangements in place for responding to the financial burden of exceptional emergencies
• Publish an action plan to implement the recommendations in this review, with regular progress updates.

More key requirements;

• The Environment Agency and Met Office should work together, through a joint centre, to improve their technical capability to forecast, model and warn
• The Government should put in place a fully funded national capability for flood rescue, with Fire and Rescue
• Authorities playing a lead role, underpinned by a statutory duty, if necessary
• The Ministry of Defence should identify a small number of trained Armed Forces personnel who can be deployed to advise Gold Commands on logistics during wide-area civil emergencies and, working with Cabinet Office, identify and suitable mechanism for deployment
• The rail industry, working through Local Resilience Forums, should develop plans to provide emergency welfare support to passengers stranded on the rail network
• The EFRA Select Committee should review the country’s readiness for dealing with flooding emergencies and produce an assessment of progress in implementation of the Review’s recommendations after 12 months

Morefrom Sir Michael, to finish;

“I welcome the positive approach and administrative structures that the Government has so far pledged to put in place to improve the UK’s flood resilience. I have worked closely with Government and our key stakeholders throughout the process and am pleased that so many of my recommendations are already being taken forward. Momentum on these issues must continue and I know we will all be watching with interest as my full list of recommendations are implemented.”

Director of Commercial and Partnerships at Tescocompare.com, Paul Baxter comments on the companies  support of Child Safety Week 2008 and urges parents to make sure their child is well protected while travelling in a car:

“We totally support Child Safety Week and want to help raise public awareness of child safety, especially the safety of children travelling in cars.  Sitting children in the right seat for their age and height dramatically reduces the likelihood of serious and fatal injuries.  Many injuries to children in motor accidents could have been prevented by ensuring that the child is properly secured.

“Many parents still may not be aware of the new regulations governing the use of child car seats which were passed in September 2006.  Small children (child up to 3 yrs old) are required to be restrained by baby or child seats while children who have grown out of child seats (child from 3 to 12 yrs old or up to 135cm in height) need to use booster seats or booster cushions.  And adults should wear their seatbelts at all times.

“Many insurers realise the importance of child safety in the car and add extra cover for child car seats which is included in your premium.  We have based our car insurance comparison service, Tescocompare.com, on the principle of allowing consumers to compare over 25 policy features, including child seat coverage,  across insurers to ensure they can easily find the right insurance for their individual needs. Insurers who provide child seat coverage seem to have similar policies - if a car is involved in a accident, damaged by fire or theft or stolen and not recovered, the child seat will be replaced or a contribution made towards a new purchase.”

>>Click here to compare car insurance now!

Big Brother, reality TV star Jade Goody has had jewellery stolen from her home in Waltham, Essex, last weekend.

Apparantly a window was left open and the jewellery was out on display too! If this is correct then Jade would have to cover the cost of the £56,000 worth of ‘goody’s’ stolen, including watches, rings and a Tiffany necklace.

Most home insurance policies will not pay out if jewellery of this value is left out on display, let alone if windows are left open…

Obviously the best thing to do is keep all jewellery out of sight and make sure you have additional extra home insurance or at least substaintial contents cover that includes items like these. Just ask your home insurance provider for a quote.

>>Click here to compare home insurance now!

Sometimes, and this is one of those times, I cannot believe the press releases that come out of some financial organisations!

Today, Tescocompare.com has released it’s Mr Bump report, yes, Mr Bump, as in the Mr Men series.

This new, obviously ground breaking, new research has been carried out to tell us all how accidents occur in our homes and how much damage this causes every year. Oh, and of course, that everyone should compare home insurance on the newly launched Tescocompare.com home insurance comparison service.

Anyway back to the ground breaking report; apparently if you live in London you’re more likely to have an accident in your home and amazingly, in London 6 out of 10 people have dropped something or split something! I wonder how long it took them to come up with these figures!!! I can’t believe people in London drop things! Amazing…

Here are the rest of the ground breaking findings;

• Drinking a bit too much is to blame for £95 million pounds worth of damage to British homes each year
• Young children cause £136 million pounds of damage each year
• Pets cause £87 million pounds of damage each year
• DIY mishaps cause one in ten accidents - with a total bill of £149 million
• But messing around/horseplay tops the list of causes - resulting in one in four accidents - total bill £325 million

Commenting on the research, (and getting a plug in for Tescocompare.com) Paul Baxter of Tescocompare.com said: “As the saying goes accidents do happen - and this research suggests many of us suffer financial loses on an annual basis. You can insure against accidental damage - and the new home insurance service on Tescocompare will enable you to see what is covered, and what is not, in the event of an accident.”

I’ve no doubt that Tescocompare.com is a good insurance comparison service, just like the other comparison web sites around; I think they’ve revolutionised the finance and insurance industries in the UK and all in a positive way for consumers. But please, please leave the totally ridiculous PR out!!

Oh and don’t forget - >> Click here to compare home insurance!