If you’ve ever sighed at your car insurance renewal letter, shaken your head and wondered whether your premium was worth it, then take heart. Because the Association of British Insurers (ABI) found that 99% of all car insurance claims that were made in 2014 and 2015 – were successful – which is good news indeed.
Paying up when you need it most
In total, there were 6.7 million claims on car, home and travel insurance policies in 2014/2015 with pay-outs totalling a staggering £15 billion.
Motor insurance policies made up the bulk of success stories with 4.5 million claims processed. The average car insurance pay-out was £2,347 – an increase on the previous year’s figure of £2,160.
Around 800,000 travel insurance claims were also successful, with average pay-outs of £880 and the number of successful claims were level with last year’s figure of 87%.
But it’s not just happy endings for vehicle claimants and travellers, home insurance claims were up 5% compared to the previous year with 84% of claims successful. The increase comes hot on the heels of the ABI’s work to heighten the understanding of exactly what home insurance does and does not cover - much of which consumers weren’t aware of. It includes things like making policy holders aware that general wear and tear or damage as a result of lack of maintenance are not usually things you can claim for.
Setting records straight
Successful claims aren’t just down to making customers aware of what’s covered. It’s also about insurance providers making it clear how policies are calculated and what factors are considered when determining premiums – such as your age, type of vehicle, and where you live. Transparency by both provider and policy holder is key.
Getting the right deal
Of course, understanding what’s covered in your policy – regardless of whether it’s for your home, car or travels is just one element of the package. Affordability and ease of management are also important – especially as our lives feel like they’re becoming increasingly busier and everyday expenses costlier.
Which is why it’s so important to comparethemarket.com to really see what’s on offer – renewing with the same provider each year might make your life easier from an admin point of view – but what about financial?
We found half of our customers could save up to £257.59** just by comparing car insurance right here; we also found that 10% of customers could save up to 63%*** on their home insurance.
Insurance is about being prepared for whatever life throws at you, so let us make it that little bit easier.
**Based on Online independent research by Consumer Intelligence during August 2016. 50% of consumers could achieve this saving with comparethemarket.com Motor Insurance.
***Based on Online independent research by Consumer Intelligence during August 2016. 10% of consumers could achieve this saving on their Buildings and Contents insurance with comparethemarket.com.