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on car hire rental:
New excess insurance could wipe out over £524million of consumers'
costs...
Cash-strapped consumers spend a yearly average of £524million* on motor and home
excesses so in a bid to help them recoup their costs on these and other insurances,
insure4excess.com has launched a policy that reimburses claimants' payouts to
insurers.
Known
as Excess Protection, the annual policy covers excess costs incurred on motor,
home, travel, pet and private medical insurance policies - ensuring consumers
no longer have to 'write off' substantial amounts when making a claim.
Insure4excess
underwriters estimate the average excesses for the five most commonly-held policies
total around £540. Claimants' liabilities are around £100 for home, travel and
private medical insurance, £180 for motor and £60 for pet.
Although
not everyone will hold five policies, the odds on having to shell out on motor
and home insurance excesses alone are high enough to convince insure4excess Managing
Director, Simon Vella, of the need to offer a product that puts money back into
consumers' pockets during the stressful time of making a claim.
According
to the Association of British Insurers some 2.3million motor and 1.1million household
claims were made in 2007. This equates to one in 10 motor policyholders and one
in 16 households with contents cover **.
Premiums
are determined by the type of policy purchased. An Excess Protection bronze policy
is £35 and covers up to £250 worth of excesses, silver is £55 and reimburses up
to £500 and gold is £69 and pays up to £750.
Simon comments: "I had to claim on three of my policies in under a year which
underlines how easy it is to become a victim of circumstance or have a run of
bad luck. Even if people only hold motor and home policies there's a high risk
of losing out financially and in these recession-hit times, every penny counts.
Consumers only need to pay little to make great savings - you could say this is
insurance to cover the financial shortfall of other insurances."
This
wide-ranging excess policy is a natural progression from the online insurer's
successful car rental excess product offered via its insurance4carhire.com site.
Insurance4carhire
pioneered car rental excess cover eight years ago, this business and insure4excess
are part of the Towergate Partnership - the largest independent insurance intermediary
in Europe.
Notes
about this press release.*
Based on ABI 07 statistics - 2.3million motor claims and 1.1million household
claims. Multiply 2.3m by average car excess - £180 = £414million and 1.1m by average
household excess - £100 = £110m. £414m + £110m = £524m.
**
The ABI estimates there are around 23.9million private motor and between 17.7m
and 18.4m contents policies currently in force. Motor and contents claims as a
percentage of these =10% (one in 10) and just over 6% (one in 16) respectively.
Insure4excess
Standalone building and or contents and second holiday homes are included within
the home insurance definition, as are people named on a partners' motor policy
and all immediate family members included on the main PMI policy.
Insure4excess.com
is a trading name of Towergate Underwriting Group Ltd which is authorised and
regulated by the Financial Services Authority for the sale and administration
of general insurance products.
Excess
Protection has been arranged by Strategic Insurance Services Limited - authorised
and regulated by the Financial Services Authority. Benefits under this policy
are underwritten by Inter Partner Assistance - a member company of the Global
AXA Group.
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