Cyclists urged to get more insurance by… insurance companies

Cyclists have been urged to get insurance by the Association of British Insurers (ABI), the insurance body whose members last year made a combined loss of £1.2billion*. The ABI warns that failure to get adequate cover could leave cyclists facing high bills if they are injured in an accident or are found responsible for causing one.

Speaking to the BBC ABI spokesman Malcolm Tarling said:

"If you are a cyclist and you are involved in an accident the chance of you being injured are quite high,

"Some 230 cyclists a month are killed or seriously injured on the roads so there is a good chance you are going to be off work for weeks, if not months, so some sort of insurance to cover you for loss of income makes sense."

According to the Department for Transport's reported casualty statisticslast year 111 cyclists lost their lives on Britain's roads with rural roads again proving the most dangerous places to ride. Cycling casualties have though dropped by 30 per cent on UK roads as judged against the DfT's own average based on the casualty rates between 1994-98 at the same time cycle usage has gone up by 20 per cent.

The total numbers of cyclists killed or seriously injured on British roads was 2771 in 2010 of which 2660 were seriously injured (up 56 on the previous year), 4627 cyclists were slightly injured. When judged against the 94-98 average per billion vehicle miles the number of cyclist killed or seriously injured has dropped by 40 per cent, although there was a 1 per cent rise in 2010 over 2009.  In fact it is more dangerous to be a pedestrian on Britain's roads than a cyclist.

So, while cycling  on Britain's roads might not be as safe as we would like it to be it is certainly safer than it was in the recent past.

Mr Tarling went on to tell the BBC that cyclists often underestimate the risks they face  on the roads, in particular if they are in an accident where they are found to be at fault themselves.

"If you are a cyclist and you are involved in an accident and you are at fault for causing it you could be sued for damages," he says.
This could possibly amount to hundreds or thousands of pounds, he told the BBC.

"If you are cyclist you should always have some form of liability insurance. It is essential."

While we would say that personal injury cover and third party liability are definitely things that responsible cyclists should consider it might also be observed that Mr Tarling is possibly over-playing his hand here. According to a DfT study cyclists were found to be a fault in only 7 per cent of the incidents they were involved a fact reflected in the low premiums for such insurance.

If you are injured by another road user and they are at fault your expenses will be covered by their insurance company, if they don't have any insurance you can claim compensation through the Motor Insurer's Bureau a body funded by the insurance industry to compensate the victims of uninsured drivers. However, it should also be said that this is likely to a slow process and the compensation on offer may not fully compensate for your loss or suffering.

If you are unsure of the level of cover that you have as a cyclist it is first worth checking whether any of the extras provided in your home and contents policy or with any other insurance policies you hold. Some, though by no means all home contents cover includes bicycles, in some cases the cover is quite generous and will extend to use out of the home too. Likewise some home insurance will include personal injury cover and/or personal liability cover too again though there are big differences in the level of cover provided.

If you don't have any cover or you think the insurance cover you do have there are a number of insurance companies like us offering policies which you can tailor specifically to your needs. Some form of insurance is also part of the package when you take out membership of cycling organisation such as CTC - third party cover; British Cycling third party cover + accident cover depending on membership type; or the London Cycling Campaign - third party and public liability cover. All of those organisations also offer extra insurance  for you, or your bike.

*Source UK Insurance - Key Facts (pub: ABI, Sept 2011)

Does Your Travel Insurance Include Winter Sports?

Recent research into travel insurance policies covering winter sports has shown that cover can vary a great deal from provider to provider; with exclusions and caveats commonplace among policy providers in the UK. So if there was ever a time to check the small print, this would be it!

With many soon to head off their winter ski holiday, it’s important to check your travel insurance includes winter sports cover and that the cover hasn’t got exclusions or caveats that could cause you issue should you need to claim.

For example, frequent skiers and snowboarders should be aware that some policies only cover hitting the slopes for a set number of days per year or a maximum number of ski trips.  So for those planning multiple winter sports trips they may not be covered for the whole time they are on the piste.

As Bob Atkinson, travel expert, comments: “Travel insurance is an essential item when planning any holiday, and even more so for a trip involving adrenaline-fuelled winter sports like skiing and snowboarding.

“At a time when people are looking to make the most of their holiday money, finding the best value for money travel insurance policies will give thrill-seekers extra cash to enjoy the après-ski entertainment!”

A standard travel insurance policy will cover such as cancellation, baggage and medical cover. When going skiing, additional cover is required, including cover for sports equipment, ski pass and if need be going off-piste too, along with piste closure, avalanche closure and emergency transport to hospital and back home if required.

“For those holidaying in a European Union country securing an EHIC before heading off (European Health Insurance Card) is another essential.

“This entitles you to state-provided healthcare in European Union member states, but it should not be considered a replacement for travel cover. If you already hold such a card, check it is still in date for your trip.”

In addition to adequate travel insurance, it may also be worth paying a small premium when in a resort for local insurance which covers rescue and transport on or off-piste. For example, skiers in France can purchase a Carré Neige pass for a few Euros per day which covers rescue and some basic doctor’s bills.

Article written by By Peter Thompson for http://www.moneyhighstreet.com

How to cut the cost of your home insurance

If you are worried about future Home Insurance rises, here are a few tips which may help reduce your premiums.

Tip 1: Preparation – secure your home

Before renewing or buying home insurance ensure your home is, quite literally, safe and sound. Do this and you’ll arm yourself with ample evidence to persuade potential insurers you are a good bet.

If you have moved into a new home, change the locks because previous owners may have given copies of the keys to friends or family.

Fitting an alarm will also make you poular with insurers. You'll find some insurers may prefer specific alarm systems such as NACOSS standard alarm, which can cut premiums by up to 7.5 per cent with some policies. 

It's not just about warding off thieves which will help reduce your premium. Limiting the chance of problems before they happen will mean toy are less likely to make a claim and this will help reduce premiums in the future.

Make sure pipes are insulated. If that’s not possible, try to run the heating during cold spells for a short time (at least) every day to prevent frozen pipes.

It’s also worth checking for subsidence – something which ideally should be done when you purchase a property.

Moneysupermarket said you should continue to look out for this as it’s one of the most common problems to affect the home, and is usually covered by buildings insurance.

Fitting smoke alarms and following fire prevention advice is a must. Most insurers will now ask if you are a smoker as lit cigarettes are a potential hazard.

Tip 2: Switch to a new insurer

There are lots of statistics out there which illustrate the huge savings which can be made by simply moving your home insurance to a new insurer.

Make sure you find out what your current insurer is offering you to renew first. This will give you a figure on which to base your comparisons. 

Have expensive new technology or jewellery items received as Christmas or birthday gifts been added to the policy for example? Undervaluing the contents of your home could end up costing hundreds of pounds in the event the property was burgled or badly damaged by flooding or fire.

Tip 3: Consider combining your buildings and contents insurance

Some insurers will offer you a discount - often as big as 20 per cent or 25 per cent - for taking out both your buildings and contents insurance with them at the same time. 

Not only will this save you money, but it will also save on paperwork, admin and time. 

Before going ahead with this, however, make sure the saving you are getting for this combined insurance deal is bigger than any savings you might get buying contents and buildings cover separately elsewhere.

The AA’s most recent Shoparound index for home insurance premiums found while home insurance premiums had fallen by 1.1 per cent over the second quarter of 2011, combined buildings and contents policies had risen by 1.5 per cent.

Article taken from myfinances.co.uk by Kate Saines

Luxury Insurance To Secure Your Life’s Irreplaceable Treasures

Luxury insurance insures the finer things in your life. Insure your company, art collection, your favorite pets, your travel plans, plane, yacht, car or house.

Home insurance will cover your main residence as well as vacation houses with equal aplomb, whether your house is domestically or internationally located. Include contents within the policy for all around insurance coverage. Your house will probably be covered for destruction because of fire, flood or weather events as well as vandalism. Coverage is subject to the underwriter’s acceptance of your application under their terms and conditions and set premium cost.

Regardless of what you drive, you’ll have to insure it. Insurance will cover any damage sustained due to an accident, theft, fore and vandalism. It’s always wise to have personal liability insurance within the event of injury of a passenger or to other people involved in an accident due to your negligence. With luxury auto insurance, all it will take is one call and your individual insurance management team will take care of the rest.
It doesn’t matter if it is a yacht at the marina or a ship in a bottle, insurance to cover your seafaring or sea fearing vessel is really a must. Insurance will safeguard your investment in case of wreckage, sinkage, fire, vandalism or theft. Your luxury insurance agent has access to a network of marine insurance companies which will have just the proper plan for you and your boat, no matter the size.

In the event you rather own your own aircraft than lease it, airplane insurance is really a necessity. Do not even think of taking off or even taxiing down the runway with out total airplane coverage. It does not matter the size, the capacity or the age of the aircraft. If it flies, it needs to be insured. Aircraft insurance is available through the majority of commercial insurance agents and your luxury insurance search team will find just the right policy for you and your plane.

The last thing you would like to consider while enjoying vacation is all of the issues that could to disrupt your vacation. Put your mind at ease with vacation insurance. Tailored to fit your vacation, you’ll not be over or under insured. Your travel insurance agent will explain what insurance coverage you need for the activities that will be included. A vacation relaxing on the beach will not require the same coverage as the action packed, adventurous vacation spent skiing the Matterhorn, skydiving or climbing Mount Kilimanjaro.

Even pets need insurance. Pets quickly turn out to be ingrained within the family members as pet owners know and it is up to the owners to take care of the pets like they had been our own kids, we all want the best for our pets and insuring the critters of our lives, will permit them the care they deserve. Your luxury insurance agent will find just the proper insurance coverage for you and your pet.

Taking inventory of your art collection you might find a masterpiece or two. If some thing had been to occur to them, you might be out a boat load of money. Just to be sure have your art collection appraised and insured for is full value. You will have peace of mind more than anything else.

Looking for the right luxury insurance? Search no further! Visit quintessentiallycovered.com for a large collection of the top luxury insurance to meet your needs.

Homeowners should check value of jewellery as gold price soars

With the number of home theft claims increasing by 14 per cent in the first half of this year compared with the same period in 2009, homeowners are being urged to ensure that the current value of their jewellery is up-to-date on their home insurance policy.

Churchill Home Insurance has seen theft claims jump over the past two years, and jewellery now accounts for a third of theft claims.
The average number of items per claim has risen from 3.8 in 2008 to 5.4 jewellery items per claim in 2009. This trend has also coincided with the prominence of ‘cash for gold’ services, which could make it easier for thieves to sell on stolen jewellery.

However, following the steady increase in the value of gold, householders could find themselves underinsured in the event of a break-in. The average gold price has climbed to £972.5 per troy ounce in July 2011, compared with £327.64 back in July 2006, an increase of nearly 300 per cent in just five years.
Jewellery items that were previously worth less than the maximum value for single items under their home contents insurance policy may now be worth more, but the owner would only be covered for the limit stated on their policy.

Ian Davies, head of underwriting at Churchill Home Insurance, said: “With the rise in gold prices and the decline in value of electrical goods, jewellery is becoming an increasingly attractive commodity for thieves. However, the dramatic increase in the value of gold is also putting consumers at risk of being underinsured. We urge homeowners to check the current value of their jewellery on a regular basis, and to update their home contents insurance cover accordingly if the value of their gold has increased.
Davies continues: “If you have any items of a high value, ensure these are listed on your home insurance policy as an additional item. Remember to take photos of any items of particular value and to keep the receipts on file in the event of making a claim.”

Shopping for Car Insurance: Why Cheaper is Not Always Better.

 

It doesn’t matter what kind of car you drive, experts in the industry this week are reminding drivers that at the time of a collision, there is a significant difference between a good quality car insurer and policy, and one that is weaker or that offers less. Many consumers are finding this out when trying to save money but learn that fly-by-night insurance carriers are not there for them nor have they been properly advised. Unfortunately, with budgets being tighten, many are not discovering this until it’s too late. 

The peace of mind of having a trustworthy and responsible insurer behind you at the time of an accident can make an immeasurable difference. That said, while the majority of people continue to insure their property and homes, many still fail to obtain proper car insurance. Moreover, those who do have car insurance often try to find the cheapest, regardless of the service they will be receiving.

The first thing that a driver must do is obtain adequate insurance to cover all of the costs that would occur as a result of a collision. This will not necessarily be the least expensive, but it will by far be the most effective in an accident situation. Some things to think about when finding the right limit of liability is; do you own a home to protect in the event of a lawsuit, a savings or retirement account or even a college fund for your children and do you have an educated source for information like the right insurance agent that can help you out.

While liability insurance does provide coverage regarding your responsibility in an accident, it doesn’t cover your vehicle.

Physical damage coverage is therefore highly recommended over liability insurance, alone. Moreover, for a particularly expensive car, such as a luxury car or a classic car, it is important to obtain an additional rider to make sure that your investment in that specific type of vehicle is fully protected for special equipment.

Also, ask your agent if you really need medical coverage and rental car coverage. Consider this, if you have more cars than drivers, save some money and remove rental car coverage – why pay extra for coverage really not needed. Lastly, most insurance professionals suggest keeping your limits of uninsured motorist coverage the same as your liability, this will avoid any confusion in the event of a loss and the cost is minimal.

An Art Lesson Courtesy Of Billionaire Sam Zell

Is your art insured? Real estate billionaire Sam Zell got his insurer Chubb to pay out $5.775 million after a dealer allegedly sold three artworks consigned by Zell and pocketed the proceeds, according to a case filed in Los Angeles Superior Court last week. “Mr. Zell was lucky because he was insured on this issue,” says Joy Berus, an art lawyer in Orange, Calif. “Many people aren’t.”

Insurer Chubb, as subrogee of Sam and Helen Zell and the Samuel Zell Revocable Trust, filed the complaint for conversion (stealing) and breach of oral contract against the dealer, David Tunkl, and his business Worldwide Masterpiece, to recover the $5.775 million. A call to Mr. Tunkl for comment was not returned.

The Zells delivered the pieces to Tunkl in 2007 and 2008 and entered into an oral agreement by which Tunkl was to convey offers to the Zells, according to the complaint. Then, in 2009, the complaint says, Tunkl confessed to the Zells that updates about interested buyers that he had given the Zells had been false and that he had sold the artworks without their authority and had spent the proceeds.

There are two key lessons here for collectors. First, don’t rely on oral agreements. Bizarrely, this is commonplace in the art world, even for artwork worth millions. Instead, make sure you have a proper written consignment agreement. It should cover details like how much you expect to sell the painting for, how much room the gallery has to negotiate the price—say 10%– without contacting you first, how soon you expect to be notified after a sale, and terms relating to payment, taxes and insurance. Don’t just sign a form the gallery hands you without reviewing it carefully, warns Berus.

Second, check on your insurance coverage. Homeowner’s policies will include some artwork under general household contents but special provisions are likely to impose sublimits, plus your deductible will apply.
Being underinsured (or uninsured) is a common problem for collectors, says Don Soss, vice president of high net worth underwriting with Fireman’s Fund Insurance. Your agent should help you determine what should be lumped under general household contents, and what should be listed under a fine arts or collectables rider. By moving items to the rider, you may pay about the same amount in premiums, but have better coverage.
Alternatively, there is blanket fine arts coverage, good if you have a handful of smaller items. Serious collectors who itemize each piece can set the value in advance, and if there is a total loss, get a payout of 150% of that value if the market value has gone up, says Soss.

Article taken from www.forbes.com

Protect your Tech before Festival Fun this Summer!

As the outdoor events season gets underway, research reveals that people attending musical festivals and sporting events will spend on average £187.30 per person on tickets and spending money - with some expecting to spend as much as £550.

Over 18 million people are estimated to be attending events this summer - ranging from Glastonbury to Glydebourne.  On average people will spend around £187.30 on tickets, food and accomodation -  a total of more than £3billion.

Of those attending, 76 per cent will take a digital camera to capture those special moments and 34 per cent will take an iPhone or another brand of smartphone.  While the appeal for many is to get away from it all, some techno-dependants just can't give up their keyboard - nine per cent confessed to taking their iPad or laptop with them.

With UK residents spoilt for choice in terms of which festival, concert or sporting event to attend, the only downside is the growing cost of doing so. One in five 18-24 year olds said they wouldn't be able to attend their favourite festival this year because of the high costs. Almost half of respondents (48 per cent) said outdoor events are more expensive now than they were five years ago.

Contrary to popular belief, these events these aren't just for the young. One in five people aged 45-54 plan to attend a music festival this summer - although only seven per cent of these will stay overnight in a tent or caravan, compared to 21 per cent of those aged 18-24.

Quintessentially Covered is reminding anyone heading to an outdoor event to make sure their fun isn't ruined by checking any items taken with them are fully insured - especially as 27 per cent of people attending an outdoor event this summer said they'd previously lost, or had items stolen at events.

Insurance Gives Iconic Celebs a Leg Up!

Today, we all have insurance for all sorts of things. We insure our cars, our homes, and our health. But would you ever get insurance for your legs? These iconic celebrities did!

Dapper dancing man Fre Astaire knew just how important his legs were. Sure he's charming and handsome, but he is most known for his dancing. |To protect himself, he had his famous legs insured for $75,000 each (that's around $1.1 million dollars in today's money!!)

Iconic WW2-era pinup model and actress Betty Grable was said to have the most shapely legs in all of Hollywood. Grable’s gams were dubbed the “million dollar legs”, and they lived up to that nickname! To protect their most prized asset, her studio had them insured for $1 million or $8.95 million today.

Inflation calculated by http://www.westegg.com/inflation/infl.cgi on 09/06/11. Article content provided by ExelSure.

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