Online Motor and Home insurance customers less loyal

Research by Accenture shows:

1. online insurance customers are less loyal and more price sensitive;
2. the internet is fast becoming perceived as the only way to purchase some types of insurance in the UK;
3. banks are losing out in the insurance market.

The survey shows that 63% of consumers have purchased motor insurance online; 45% home insurance; and 23% life assurance.

Banks’ share of the life assurance market will decline in the future, says Accenture, based on current consumer attitudes. While 22% had bought life assurance from a bank in the past, only 16% of those planning to renew or purchase a new policy in the next 12 months said they plan to buy from a bank.

Of online motor insurance customers, 81% intend to look around at renewal, with only 17% planning to renew with their current provider. Over 76% of online home and motor insurance customers stated price to be a very important factor in their purchase decision.

Steve Lathrope, of the insurance industry practice at Accenture, comments, “The impact of these trends has been exacerbated by the phenomenal rise of the aggregator channel.

“Adapting to the aggregator business model and online customer behaviours has already impacted core insurance operations and will continue to force changes. Providers will need to develop distinctive capabilities to survive and prosper.  In particular, insurers are having to face up to challenges in areas such as branding, product design, customer retention, cross-selling strategies and price-optimisation .”

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Property Insurance – Thawing Risks

With further snow and disruption the last thing in people’s minds is the subsequent thaw.  Burst pipes claims can be considerable with home insurance claims often running into thousands of pounds. A small fracture alone can release hundreds of gallons of water into your property; damaging carpets, walls, ceilings and also personal items.

 

The chance of suffering these losses can be reduced and we would recommend taking the following steps to do this:

 

General tips:

• Check the location of your stopcock. If a major leak does occur then the water supply can be switch off to prevent further damage.
• Check whether your boiler needs servicing. Regular maintenance of your boiler equipment can highlight any likely future problems.
• Check the insulation on your water pipes and cold water tank, those in the attic or other vulnerable spaces should be lagged or similarly protected.
• Modern methods of insulation can be so effective in keeping heat within your property that attics can become very cold, this could cause a pipe to freeze. We therefore recommend you keep your loft hatch open if you have pipes in the attic to keep this area warm.
• Keep doors between heated and unheated rooms open to allow warm air to circulate.
• Keep cupboard doors open below sinks to allow warm air to circulate around the plumbing.
• Seal any holes or gaps that may be letting cold air into your property.
• Make sure any valleys and gulley’s on your roof are kept clear and free from debris.
• Make sure any external taps are turned off and disconnect any hoses.
• If you discover a frozen pipe don’t wait for it to burst. Turn off your water supply and then slowly thaw the affected pipe by introducing gentle heat to the area e.g. hair dryer, space heater, hot water bottle. DO NOT attempt to thaw the pipe with a blow torch or other open flame such as a cigarette lighter or matches.  

 

What if you are going away or the property will be unoccupied?

• Keep your property heated to reduce the chance of a pipe freezing.
• If you are going away for an extended break drain and shut off your water system.
• Ask somebody to check on your property daily. This may not prevent a loss but early identification of an escape of water can help reduce the ultimate cost.
• Ensure you have complied with any unoccupancy conditions or warranties listed in your home insurance policy. If you need any clarification call us on 08444 779805.

  
What if the worst happens?

• Turn off the water supply at the stopcock. This should prevent any more water escaping into your property.
• Where practical try and catch any excess water in a bucket or other container.
• Do not use any electrics if you believe these may have been affected by the escaping water. You will need to have these checked by a professional electrician.
• Call us immediately on 08444 779805 to report your claim. We have to a wide range of specialists who can assist with the drying out and clean up of your property and also the necessary repairs or replacement. 

Private Hire Insurance – London PCO Minicab Insurance

The most common form of taxis operating in London is the iconic London Black Cab. Not only are they safe to travel in and around London but all the drivers go thorough vigorous checks and must have taxi insurance cover in place before they are able to use their cabs for hire and reward. Another popular form of transport is the London minicabs officially known as private hire vehicles. As with black cabs these vehicles have to be licensed by the London Public Carriage Office (PCO) and must have private hire insurance. This type of insurance policy is commonly known as minicab insurance. Most of the private hire vehicles are either 5 seat saloon types of vehicles or 7 seat MPV’s. Some are even licensed to carry up to 9 passengers and will require having a private hire minibus insurance policy in place.

Public Hire and Private Hire Vehicles

Through the UK including London there are primarily two types of vehicles that are licensed to be used as hire and reward. The public hire vehicles are taxis such as the London black cabs and are also known as Hackney Carriages. The public hire vehicles must have a public hire taxi insurance policy in place and these are the only types of vehicles that can be hailed on the street by the public. Also these are the only types of vehicles that can advertise or imply that they are a ‘Taxi’ cab. The private hire licensed vehicles cannot display the sign ‘Taxi’ and can only carry passengers that have pre-booked their journey, usually through a minicab booking office. It is illegal for a private hire vehicle to pick a passenger on a street that have not pre-booked their journey as this would not only contravene the condition of the drivers private hire licence but it may also invalidate their private hire insurance policy.

Private Hire (Minicab) Licensing

After many years of campaigning by various groups, the Private Hire Vehicle (London) Act was passed in to law in 1998. The overseeing body that was given the responsibility of licensing was passed on to the Public Carriage Office (PCO) who also is responsible for licensing London’s black cabs.

There is still a major problem in London where the customers fail to differentiate the difference between a licensed private hire vehicle and unlicensed vehicles who illegally tout for taxi business throughout London and many other parts of the country. These touts tend to prey on tourists in the City or late night revellers at pubs, restaurants and clubs.

Passengers should know that the Public Carriage Office (PCO) issues three types of licenses to the private hire trade.

• The Operators Licence – This license is issued to the minicab company that operates by accepting pre-booked journeys to carry one or more fare paying customers. The private hire operator must display their licence at their place of business. This licence must be displayed in a place where it is easily visible by the public. If the business has an office or a shop front where the members of public can go to and make a booking then they ideally should also have a taxi office public liability insurance cover in place as well.
• Private Hire Vehicle Licence – This licence is issued to ensure that all vehicles used for hire and reward use have been tested and fit for this use. In London private hire vehicles display the licence on both the front and rear windows of the vehicles. The expiration date is visible on these licenses. Customers should query any vehicle that does not have a valid private hire licence. Before the vehicle is issued with a licence, a private hire insurance certificate or covernote must be produced to ensure that the correct insurance cover is in place.
• Private Hire Drivers Licence – For minicab drivers to obtain a private hire licence most licensing authorities have implemented some form of knowledge tests. Also the driver is checked with the Criminal Records Bureau (CRB) for any criminal convictions or cautions. Once the licensing authority is satisfied the driver is a ‘fit and proper’ person, they will then issue a licence. Any customer can ask to see this licence before commencing their journey. It is a condition of the licence that it must be clearly displayed whilst they are using their vehicle for hire and reward use.

Certain types of vehicles such as wedding cars and funeral vehicles are exempt from the private hire licensing regulation.

Active Insurance is a UK leading broker offering low cost private hire insurance also known as minicab insurance including vehicles licensed by London Public Carraige Office PCO.

Builders Insurance, Public Liability Insurance for Building Contractors

As a self-employed builder or a building contractor you job can expose you to many risks associated with third party property damage and injury claims. A claim against you or your business can have devastating effects on your business. As such a builders insurance policy for public liability is absolutely essential. Also is the option of insuring your tools or any plant that you may have or have hired-in. Some of the builders tools can cost hundreds if not thousands of pounds to replace should they get stolen. If your building firm employs staff, even on a temporary basis then by law you also need to have adequate employers liability insurance cover in place.

All builders that are self-employed should seriously consider a builders public liability insurance policy. A building contractor’s policy is usually known as tradesman insurance by the insurers. Without this protection your business could face serious financial problems should a third party claim arise against you.

A builders public liability insurance policy can easily be tailored to suit you specific requirements. If additional cover is required at a later stage then this can be included as and when required. This would obviously incur an additional premium to pay.

Liability Options for Builders;

• Public Liability Insurance – This will provide coverage from claims arising from third party property damage and bodily injury claims that have been caused by you or your firm. This type of cover is essential and all builders should have it even though it is not compulsory by law. Level of cover available is typically £1m, £2m, £5m and even up to £10m. The most common level taken up by builders is usually the £5m public liability.
• Employers Liability Insurance – If you or your building company employs any staff, temporary employees or casual labour then this cover is compulsory by law. The EL insurance will provide compensation to your Employee’s if they are injured or death occurs whilst they are carrying out their duties for you or your business. Every year thousands of accidents occur on building sites throughout the UK.
• Professional Indemnity Insurance – If you or your firm is giving advice to customers and as a result of this advice your client suffers from financial loss you could be held liable. The PI insurance will provide cover for these type of claims.

Compare builders insurance with Active?

At Active, our online builders insurance quote system provides a comparison quote for all types of tradesman. Enter your details once into our system and within seconds over 8 top UK insurance company’s quotes are available for builders insurance.

The level of cover required on builders insurance can easily be tailored to your needs with many additional great options available such as legal expenses cover and personal accident cover.

Premium can be paid online in either a single payment or your can spread the cost of your insurance over 10 easy monthly payments. Your builders insurance documents are available to you to print immediately or if you prefer they can be saved on your computer.

Uninsured hotspots of the UK revealed

Uninsured hotspot map of the UK

Success in catching uninsured drivers is improving as a result of  smart Automatic Number PlateRecognition (ANPR) technology used by the police, combined with information from the Motor Insurance Database (MID), the only central record of all insured vehicles in the UK. If your vehicle isn’t on the MID, the police will stop you and this map identifies the top 20 police regions where uninsured drivers are most likely to be found.

STAY INSURED… YOU CAN’T AFFORD NOT TO.

 

 

 

 

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