Archive for February 3rd, 2010

Full-blown consumer scam

0
by admin February 03, 2010 in Insurance News

Good Morning America aired an excellent segment this morning warning viewers about bogus health discount plans and limited benefits plans. Scam artists are taking advantage of the perfect storm of high health care costs, people losing jobs (and thus, their health coverage) and consumer’s not knowing the difference between these plans and full-blown coverage.

The Coalition’s Jim Quiggle brought this story to GMA several weeks ago after our research started showing the number of cases surfacing around the country was growing at an alarming rate. This looks like a full-blown national scam that could rival the last wave of bogus health plans that defrauded more than 200,000 Americans.

Much more public awareness (and action by regulators and law enforcement) is needed to stem this wave.

Car insurance premiums could rise 73% without protected no claims

0
by admin February 03, 2010 in Insurance News

Drivers who do not protect their no claims bonus could face increases in their car insurance premiums of as much as 73 per cent if they have to make a claim, research from moneysupermarket.com has revealed. Paying an additional premium to protect their no claims bonus – to prevent premiums rising as much if they make a claim – can save drivers a significant amount on their car insurance, the comparison website shows, but if a claim is never made it can seem like a waste of money. Protecting a no claims bonus adds £62 to the average car insurance premium, the research found, and the longer the no claims discount is protected without a claim being made, the less valuable it seems. This raises the question of whether or not it constitutes good value for money to pay extra in order to protect a no claims bonus, moneysupermarket.com suggests.

If a policy holder with five years of unprotected no claims discount makes a claim they could see their premiums rise from an average £528 to £911. But,

Read more…