Up until a year ago I used to take out all of my insurance policies via a broker on the high street. I would go in and put all my faith into someone else’s hands and often leave with a deal that didn’t seem all that great. That’s often the issue with insurance – it’s hard to know what you need… until of course you need it.

How does Rightly work?

Is it expensive?

How does it differ from price comparison?

How to Get the Cheapest Insurance Policies

If you hate the nitty-gritty and organisational element of organising finances and insurance or simply don’t have the time and mental space to work through them, then we often fall back on auto-renewals as the most stress-free way of ensuring you are covered.

This, however, isn’t always the best deal. Rightly will remind you when your auto-renewal is coming up, prompting you to either switch to a better deal or giving you an opportunity to negotiate a better deal with your current provider.

How Does Rightly Work?

Rightly’s latest innovation, Rightly Save, is a new service to automatically find your insurance policies, helping you turn off auto-renewals to stop getting rolled over each year. It is free and easy to use. Righty doesn’t compare or sell insurance, it takes control of auto-renewals and makes the process as stress-free as it could be.

Do you have to search out all existing policies in order to do this? Not necessarily. There are two ways. The first is automatic where you give them permission to find insurance policy details in your Google or Microsoft inbox. The other way is to add individual policy details yourself – it will work just as well but will take a lot longer.

Is it Expensive?

Rightly is free to use. Much like an aggregate service, but even more straightforward. There is zero manual inputting etc and it guides you to finding a better deal.

How does it differ from Price Comparison?

They are not a price comparison site, they don’t compare or sell insurance. They are not insurance brokers either and they won’t propose an alternative insurance policy to one you already have. They are not associated with any insurer. They don’t operate insurance policies and they take no control over yours.

Rightly simply do what comparison sites don’t and help you to negotiate when you want to renew or make it easy to cancel so you can leave for a better deal you’ve found elsewhere.

Start using Rightly here.

*MoneyMagpie might receive commission from customers who use Rightly. 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

The post Stop Paying So Much!! How to Get All the Best Insurance Deals appeared first on MoneyMagpie.

Damaged fences, greenhouses and power cuts were just the tip of the iceberg. Many places experienced trees being ripped from their roots and falling on cars and homes in their path. People lost part of their roofing, and sea surges caused severe flooding in homes and businesses across the UK. The O2 Arena in London even lost a portion of it’s white tented roof.

With another storm – this time named Franklin – already finding its way to us, more damage is likely to come. It is important to know about cover for storm damage, and whether your home insurance will cover you in a stressful time such as this.

• What is storm damage?
• Steps to take
• What do insurers look at?
• How to protect your property
• Disputing a rejected claim

What is storm damage?

The Financial Ombudsman defines the word storm as “[Something that] generally involves violent winds, usually accompanied by rain, hail or snow”. However, it is important to note that different insurers define this term differently.

Most home and contents policies will cover you for damage caused by a storm or severe weather events. This damage may include water damage, damage caused by lightning, roof tiles being blown off your home and of course, damage caused by falling trees and other debris.

Be aware, however, that some policies will not cover damage to items such as fences, hedges, gates or sheds. Policies may not cover anything outside of the actual home itself, so be sure to double check your policy.

Similarly, storm and weather damage insurance often comes as part of your home insurance package, but cover levels differ depend on what your provider offers, and whether you have special cover for severe weather events.

Steps to take

If storm Eunice left you needing to make a claim, it is important to know the steps to take to ensure everything runs as smoothly as possible. The first step is to contact your insurer as soon as you can. Calling them and talking through any damages incurred will aid them in being able to give you valuable advice or explain your policy to you in greater detail.

If you need emergency repairs, such as to burst pipes or smashed windows, keep any receipts as evidence of money spent for these repairs. You may be able to get this money reimbursed as part of your claim.

Keep any items that are damaged and take as many photos and videos as you can. The more evidence you have, the quicker your claim can be made. Similarly, jot down the date and time of the photographs and videos. This is proof the damage occurred at this time.

What do insurers look at?

As with any insurance claims, whether it be for your home, car or health, the providers will do thorough checks to make sure the claim is genuine and something they are liable to help with.

The Financial Ombudsman suggest there are three main questions asked when assessing storm damage. These are;

• Do we agree that storm conditions occurred on or around the date the damage is said to have happened?
• Is the damage claimed for consistent with what we generally see as storm damage?
• Were storm conditions the main cause of the damage or were there other factors that meant the damage might have happened anyway?

Insurers will take into account other elements, such as weather reports from the time of the damage, the wording on your policy and the general condition of the property. Weather reports help providers to determine the severity of the storm. It is also useful for them to see where the storm was located in relation to the property.

The condition of the property before the storm, although relatively hard to prove, is taken into account, as if the property was in bad condition before the storm, insurers may suggest this as the reason for the damage and not the storm itself. Their argument would be that had maintenance been regular to prevent general wear and tear or deterioration over time, the storm would not have damaged the home to that extent.

An example of this may be that if water damage occurred as the result of blocked drains or gutters, insurers may suggest the property was not being maintained and might reject the claim.

How to protect your property

There are many ways to maintain your property. This both protects it from weather damage in the first place, or to avoid your claim being rejected.

Confused.com suggests the following ways to protect your property in advance:

• Clear your gutters at least twice a year and check them again after a period of heavy rainfall
• Check your attic for any signs of water damage
• If possible, inspect your roof for any loose tiles or other damage
• Prune shrubs and trees regularly to reduce the risk of debris
• Remove any creeping plants on the outside of the house
• Examine the trees near your property and remove branches that could potentially damage your home in a storm

Disputing a rejected claim

A rejected home insurance claim can be frustrating. If you feel your claim has been refused unfairly by your provider, it can be particularly aggravating. So now what?

It is important to take a calm and measured approach to this to begin with. Checking your policy is the first step to take. Make a note of anything in the policy you think backs up your claim and helps make it valid.

Compare The Market suggest noting down any wording in your policy that may be ambiguous or needlessly complex. Highlight any wording that suggests you should be covered under your provider. Make a note of any information your provider did not originally ask for, which they are now saying you should have disclosed to them.

Once you have this information, it is time to get back in contact with your home insurance provider. Try and resolve any issues regarding the refusal of your claim. If your claim was rejected on the grounds you did not offer enough evidence, you could ask to elaborate or send off more proof.

If your provider is unwilling to negotiate your claim further, and you still feel you are being unfairly treated by them, you should make a formal complaint. Every insurer has a unique complaints process, so you will need to follow the steps for your provider.

The post Does your home insurance cover storm damage? appeared first on MoneyMagpie.

What should be the start of a relaxing break to ease the stresses and strains of our busy working lives has been anything but for millions of us looking for a foreign holiday this year.  Wildfires, strike action, technical issues and a UK air traffic system failure have played havoc with the country’s travel plans and left many families almost £2,000 out of pocket. 

Figures from the Civil Aviation Authority (CAA) reveal 32 per cent of flights departing from the UK were cancelled or delayed in the first five months of the year. 

Admittedly a fifth of European airspace has been closed because of Russia’s invasion of Ukraine and that’s creating congestion in the skies which can lead to delays, but CAA data claims the demand for flights hasn’t yet reached pre-pandemic levels.  In May 2023 there were 78,149 scheduled flights compared to 90,452 in the same period in 2019. 

Whether it’s due to bad luck or bad management by the airlines and airports, there have been countless horror stories of people paying for unscheduled and expensive hotel stays or forced to find alternative ways home that will put a severe dent in their bank balance. 

So what are your rights when it comes to claiming flight compensation? 

Duty of Care: 

If flights are cancelled, passengers are often entitled to financial compensation – more of that later – but the air traffic control fault falls under what is termed ‘extraordinary circumstances’, which means the airlines are not responsible and you won’t be due any compensation for the delay or cancellation. 

However they do owe you a duty of care and you have the right to choose between a refund or an alternative flight. 

Whether you choose the latter, or indeed if you flight is severely delayed, the airline must provide you with the following while you wait at the airport.  Food and drink, often provided in the form of vouchers, a way to communicate and may refund the cost of your calls, accommodation in a nearby hotel if you are re-routed the next day, transport to and from the accommodation. 

The airline must continue to supply you with these until it is able to fly you to your destination, however long the delay last and no matter what has caused it. 

Flight Delays what can you claim?: 

If you are delayed more than three hours and the airline is to blame, compensation starts at £220 for a short haul flight and £520 for long haul. 

If your flight was cancelled with less than a fortnight to go, you may be eligible for compensation based on the timing of the alternative flight.  The sum will depend on the type of flight, length of delay and notice given but payouts range from £110 to £520. 

You should also get money back for all parts of the ticket you haven’t used.  For example if you booked a return flight and the outbound leg was cancelled you should get the full ticket cost back from your airline. 

Being Bumped: 

When airlines sell more seats than there are on the plane then you may be denied boarding, known as being bumped.  Usually this happens on the grounds that people don’t always turn up but sometimes it’s because they’ve had to use a smaller aircraft.  

You can volunteer to be bumped and then you must agree with the airline any compensation,  Airlines will often offer cash or vouchers at the gate as an incentive in these situations.  You are also entitled to an alternative flight or refund. 

However, if it happens without your consent, and as long as you checked in on time, you will be entitled to compensation.  It will depend on the flight type and the delay, but the compensation framework is the same as for cancellations.  

Don’t get caught out: 

When all around you is chaos it can be difficult to know what to do.  First step is to make yourself known to an airline representative before you start thinking of booking hotels, taxis or alternative ways home. 

If the airline isn’t offering accommodation vouchers you have the right to organise reasonable care  and assistance for yourself. 

It’s hard to say what is reasonable because airlines don’t specify a threshold so use your common sense.  Booking an expensive five star city centre hotel may not be reimbursed, however if it’s the only option available, then you may be able to argue your case but it is a grey area and could lead to stressful and prolonged negotiation. 

Make sure you keep every receipt and always check the airline’s website for their claims procedure. 

Make your Case: 

The CAA advises passengers to set out their case clearly and concisely, including all relevant information to provide evidence they were booked on the flight. 

Make it clear what compensation and expenses you are claiming, include all your contact details, details of all the passengers in your party, the booking reference and travel dates, flight number, departure and destination airport and details of where the disruption occurred.  Detail the length of the delay and make sure you include the names of any staff you spoke to.  Boarding passes, receipts, tickets and booking confirmation should all be included.  Make sure you keep copies of everything, especially if you have to forward the originals to the airline.  For more information on how to make a claim go to caa.co.uk 

How to Appeal: 

If the airline rejects your claim you can appeal and persistence often pays off.  You can refer your complaint to an Alternative Dispute Resolution (ADR) body which looks at your complaint out of court, in the UK there is the Centre for Effective Dispute Resolution (CEDR) and Aviation ADR. 

They will argue your case for you and your complaint can be escalated to the CAA.  However not all airlines are members of ADR schemes.  If this doesn’t work then you will have to go to the small claims court.  It’s a time consuming and exhausting process so make sure you’ve tried all other avenues first. 

And be warned, Which? recently revealed that airlines owe £4.5 million to passengers from outstanding County Court Judgements. 

Unspent Vouchers: 

Mat Megens, founder of Hyper Jar, a tech services and data company, says that unbelievably there are hundreds of millions of pounds worth of vouchers that were sent to customers for cancelled flight and trips during Covid that still haven’t been spent.  Issued by companies like British Airways and Easy Jet, they may still be valid so check your email inbox and see if there are any savings you can make for your next break 

The post Top Tips to Claim flight Compensation for Cancelled trips appeared first on MoneyMagpie.

The birds are chirping, bees are buzzing and there’s a buzz in the air. It’s summertime once again. Despite it being warm and glorious, that hasn’t stopped us thinking about funerals. We don’t want to be all doom and gloom, but unfortunately, the hard times in life don’t wait for anyone. 

The number of public health funerals, or ‘pauper’s funerals’ have increased 26% since 2019 – that’s almost 6,000 people. So, it’s no surprise most people may feel they need to sort out their funeral plans at some point. 

• The “Cost of Dying”
• Types of send off
• Funeral costs
• Funeral plans

The “Cost of Dying”

According to SunLife’s most recent Cost of Dying report, the average price of a basic funeral, if it includes a burial is £4,794, while a funeral with a cremation is £3,673. Meanwhile, the overall “cost of dying”, if you include a memorial or wake, flowers, catering and, crucially, the professional fees to administer the estate, is closer to £9,200. That’s quite a chunk of cash!  

Some people feel that a simple cremation will do them just fine after they pass. A cremation alone with no service would set you back around £995 with Distinct Cremations or Aura Cremations, or around £1,295 with Pure Cremations. Although this is a cheaper option compared to some funeral plans, admittedly it is still a big sum to pay. Luckily, some businesses offer payment plans, starting from just over £10 per month. 

Types of send off 

Many people opt for a fuss free, small gathering of family and friends after they die – a celebration of life, without all the bells and whistles. But for many, having a ceremony for their loved one helps them to process their loss. It can be a key part of healing for people, helping them to come to terms with their grief.  

Maria Bailey, founder of  GriefSpeciaists.org  says: “If your loved one has chosen a direct cremation and you’re not sure about how to celebrate their lives, think about how you can still come together to share memories. Having the rite of a funeral removed can feel like you’ve been robbed. Think about how you can create your own alternative that is personal to you and your family.” 

Funeral costs 

A full funeral, with added extras on top of the burial or cremation can become fairly pricey. According to  Over50choices.co.uk a  memorial  will set you back  £1,064, limousine hire is  £353, venue hire  for the funeral would be  £312, catering £467, order of service £105, flowers £210, death notices £77…all that expense and you won’t even be there! 

Conversations about death and funerals can feel difficult, awkward and sad. But it is important to outline the type of send-off you’d like with your family. If you feel a simple send-off is right for you, let your loved ones know. Alternatively, if you’d like added extras and a funeral with great ornamentation, it’s a good idea to get costs sorted whilst you’re still around. 

According to research conducted by  Farewill, more than four in ten people who have contributed to the funeral costs of a relative or friend in the past two years had gone into debt to do so. Sometimes people choose to take out life insurance, but this may not always be the best route to take. 

One of the biggest companies that offers life insurance is Sun Life. Its over 50 plan starts at £7 a month – meaning the average 65-year-old woman would pay in £2,100100, only to receive just £1,193 after fees and tax. Put the same amount in a tax-free ISA and you’d have the pay-out amount two years quicker! 

Getting a funeral plan can be far more cost-effective. You can lock in the price of the funeral you choose and know that those you leave behind will get a far better deal financially. You can either pay in monthly instalments, which end when you have paid off the cost of the funeral or pay in one lump-sum. 

Funeral plans 

When choosing a funeral plan, make sure to double-check which extras are included. Often, costs such as a coffin and a hearse will be within the plan, but sometimes you may have to add these separately. For example, most plans don’t usually cover the cost of a burial plot, which can be more than £3,000, or a headstone which can cost upwards of £2,000, so always double check. 

Anyone over the age of 18 can take out a funeral plan. However, some providers are specifically catered to those over 50 – so this is also something to bear in mind. Also, double-check the provider is covered by the Financial Services Compensation Scheme (FSCS). This means that if the company in charge of your funeral plan goes bust before you die, the money you paid in is covered and your family won’t be left out of pocket. 

The Co-op – one of the biggest funeral providers in the UK – has lots of options. It allows those paying in instalments to choose a price that suits their wallet. Plans include ‘Simple’ (£3,150) for a basic funeral through to ‘Bronze’ (£3,735), ‘Silver’ (£4,150) and finally ‘Gold’ ((£4,460). None of these includes the price of a burial plot, however.  

You can choose to either pay in full, spread the cost over six or 12 months with no additional costs or monthly instalments (with extra cost) over a period of two to 25 years. Co-op members get a very small discount on the above fees – £75 off the Simple and £125 off the other three packages – so make sure to check that out. 

Golden Charter is another popular provider, which offers various options. Plans can be paid in instalments over the course of either 10 or 15 years. However, think carefully. The amount you pay in instalments works out quite a bit more than the value of the funeral package being offered, so it may be beneficial to pay in one lump if you can. 

For example, its Basic Plan (which pays for a coffin, cremation and £500 towards third party costs) either costs £1,785 if bought outright, or you can spread it out over 10 years, paying in £19.01 a month, which means the final bill comes to £2,330.20 (more than £500 extra). The Standard Plan costs £3,730, which covers all the basics, but would cost £5,447.20 if you chose to pay in instalments, spread over 15 years.   

Dignity offers prepaid funeral plans which guarantee to cover your burial costs in full (excluding the burial plot itself). Its burial funerals start at £2,990. It doesn’t offer set plans but allows you to create your own. The plans can be paid for up to five years at no extra cost. Prices start at £2,990. 

The post Funeral plans that won’t break the bank appeared first on MoneyMagpie.

• What is it?
• Do I need it?
• What am I covered for?
• How do I get the best deal?
• How is this different from other insurance policies?

What is it?

Are you the sort of person who would buy train insurance if you could? Then you might be interested in accident insurance. Personal accident insurance is designed to help protect against the often serious financial problems you can face after an accident – road traffic accidents, workplace accidents and serious injury. It can cover you and your children, which is great for clumsy and curious youngsters. However, whilst the policy can be extended to a spouse and children, the payouts are often lower.

Depending on the level of cover you choose, you could receive £500,000 cash for a permanent disability in a claim, although payments vary from insurer to insurer. This also depends on the type of disability. They way payments are given also varies as some insurers will make payments weekly for one or two years where as others will provide a lump sum.

The premiums generally cost around the £5–20 a month and they don’t go up with age (nor do the payouts).

Personal accident insurance is often already rolled into other policies such as travel, car and even home insurance. Sometimes it’s an extra feature on credit cards too. It can be a standalone insurance policy or come as a package with others.

Do I need it?

If you ski then you should buy accident insurance because the odds of breaking your leg are quite high. If your lifestyle is unadventurous the chances of having a bad accident are fairly small, so really think if you need to part with your hard-earned cash for this type of insurance – there could be other policies more suited to your lifestyle. Like most insurance policies, it seems like a good idea to take it out, however you should really assess whether or not you need it.

The odds go up with age, although insurance companies will take on people without a medical until their 75th birthday. After that you need to be tested.

Insurers will sell personal accident cover to UK residents aged 18–69. If you’re prepared to spend around £50-60 a year on this sort of cover, it certainly could be very consoling if you’re unlucky enough to suffer a permanent disability through an accident. The odds are you won’t, though, so buying accident insurance could be described as more of an odd form of wishful thinking than sense.

What am I covered for?

The thought of your death or injury after a serious accident leaving your family with pending financial doom is enough to tempt you into getting this type of insurance. And with tax-free payouts edging towards £500,000 it seems like a good idea.

Standard areas of cover include death, permanent total disablement and the loss of – or use of – a limb. Some policies will cover partial disablement.

The tax-free lump sum is dished out if the policyholder becomes seriously injured e.g. has an accident resulting in the loss of one or more limbs, one or both eyes, use in either limbs or eyes or some other form of disability.

How do I get the best deal?

Accident insurance is very popular so unlike with other types of insurance it should be relatively simple to secure a good deal.

You have to read the small print to make sure you don’t get fobbed off with this kind of insurance as it often comes as a freebie with some other insurance packages. For example, some policies won’t compensate if there was any wilful exposure to danger. This could mean ignoring a warning red flag against choppy seas and deciding to swim and then drowning.

Other insurers might not pay if you suffered an accident as a result of riding or being a passenger in a motorcycle accident, or if you had an accident after taking part in an adventure sport such as rock climbing, mountaineering or paragliding.

How is this different from other insurance policies?

Whilst it might come across as very similar to life and critical illness policies by paying out in the event of your death, unlike life cover this type of insurance does not typically pay out if you die from an illness or natural causes.

If you’re looking for protection against sickness or general disability, other forms of insurance may be more appropriate.

Personal accident policies are ‘non-indemnity’ insurance contracts. This means they can’t restore the policy holder to the position they were in before by simply paying out a financial benefit in case of death or bodily disfigurement. They do not compensate for loss of earnings or incapacity – there’s another form of insurance for this which is called payment protection insurance (PPI).

However, should you wish to take out PPI you’ll need to check that you meet the requirements and are eligible to make a claim. For years many people were mis-sold PPI under false pretences so make sure you’re getting exactly what you want from a PPI policy.

The post Accident insurance – what you should know appeared first on MoneyMagpie.

With all the controversy about funding and long waiting lists in NHS hospitals, it’s not surprising that people are turning to private medical insurance to cover themselves.

Here’s a guide to the different types of medical insurance, what they cost and what you can expect.

• What is private medical insurance (PMI)?
• What you need to know about private medical insurance
• What does PMI cover?
• What doesn’t PMI cover?
• How much will PMI cost?
• How to cut the cost of PMI
• Alternatives to PMI

What is private medical insurance?

PMI helps to cover the costs for private medical care if you’d rather not wait for treatment on the NHS. The basic facts are:

• If and when you need treatment, the policy pays out (provided the problem is one that’s covered by the policy – not all of them are) which can give you peace of mind.
• PMI allows you to avoid the waiting lists and get treatment fast.
• You can often choose when and where you’re treated and you’ll have the comfort and privacy of your own furnished room (and probably much tastier food!).
• We’ve all read about people having to wait months for referral to a specialist or surgery, and for some people the thought of having to wait so long for treatment is enough to convince them to go private.
• Remember that PMI is not a replacement for the NHS. Accident and emergency services, for example, are still dealt with by the NHS alone.

What you need to know about private medical insurance

You can buy insurance from an insurance company, independent adviser or an insurance agent.

You’ll usually need to fill out a medical history declaration and provide the insurers with your full medical history. They may contact your GP for further information.

Make sure you give all the information you’re asked for because an insurer could refuse to pay out for a claim in the future if you don’t. Any pre-existing conditions will not be covered by the policy should they arise again, no matter how long ago you set up the policy. You’ll also have to pay the costs yourself.

Some insurers offer a moratorium policy, which sounds a bit complicated but all it means is that you don’t have to provide a full medical history, just some basic information about you and any members of your family you wish to insure.

Here are some things to know about moratorium policies:

• If you’re generally fit and well and any pre-existing conditions were a long time ago, then this could be a good option.
• Make sure you’re absolutely clear about the moratorium conditions and DON’T think that you can just avoid getting medical help for the first two years of your policy for a recurring illness because this is not only very dangerous but also pointless because these policies would not pay if you ‘ought reasonably’ to have sought treatment or advice.
• Pre-existing medical conditions and conditions related to them will become eligible for cover after a particular period of time (usually five years) during which you must not have had treatment, symptoms, medication, tests or advice for that condition (or a related one).

What does PMI cover?

PMI is designed to cover the costs of private medical treatment for what are called ‘acute’ conditions. Insurers define these as illnesses, diseases or injuries that can respond to treatment quickly. With Bupa, like many other health insurers, customers can reduce the cost of their policy by choosing from different levels of cover. Although there may be a cap on the amount you can claim in each category, it will usually cover the cost of:

• Inpatient treatment
• The fees of private medical staff for both diagnosis and treatment
• Operating expenses, including surgeons’, anaesthetists’ and operating theatre fees
• Accommodation and nursing charges
• X-rays, dressings and medication while an inpatient
• Outpatient treatment that’s linked to your inpatient treatment.

What doesn’t PMI cover?

Don’t forget PMI is like any other insurance – you find out what you’re not covered for when you claim. ALWAYS read the small print!

Most policies exclude all past medical problems, known as ‘pre-existing conditions’ and no policy will cover all your medical needs. The following are almost certain to be excluded:

• Routine check-ups from a GP, dentist or optician
• A&E treatment
• An illness you developed shortly before taking out the policy
• Incurable or chronic conditions, including the terminal stages of cancer
• Long-term illnesses such as asthma, diabetes and multiple sclerosis
• Normal pregnancy and childbirth
• Cosmetic surgery

How much will PMI cost?

What you pay for depends on:

• your age, sex, health, and where you live
• The more comprehensive the cover offered by a policy, the higher the premiums so you’ll need to shop around to find the best cover for you
• Policies have different charging levels and different breadths of cover.

Your PMI premiums will also rise over time. This is because as your age increases so does the likeliness that you will need to claim and also the fact that new treatments, drugs, technology may become available and will add to costs.

You’ll also be thrilled to know that medical inflation (the cost of buying treatment in the private market) also runs above the rate of normal inflation. Great.

One of the biggest costs if you need treatment can be hospital accommodation. Most insurance providers offer different options that put hospitals into grades A-C with the higher grade costing more. So a band A premium will pay for the most expensive private hospitals and a band C premium will pay for medium-priced private hospitals. Make sure you consider the distance and reputation of hospitals offered by the insurance company before you make a decision.

If you’re prepared to pay a higher premium, you can get a policy that also provides cover for:

• Cash payments if you stay in hospital as an NHS patient
• Outpatient tests and treatment not linked to an inpatient stay
• Emergency medical treatment when travelling abroad.

Most insurance companies say you can choose where you want to be treated – with travel costs included – at a price. Surprise, surprise, though, with PMI you get the cover you pay for, so those kinds of extras will add handsomely to your premiums.

It may be worthwhile going through a registered PMI broker who should be familiar with a wide range of policies and can recommend one to meet your needs. A broker earns money through commission from insurers so if you do use one ask for several policies so that you can compare costs, benefits and how much commission the broker gets from it!

How to cut the cost of PMI

Try to get a rough idea of what you can afford each month and seek to tailor the choice to your budget:

• There may be a discount if you can pay the whole annual premium in one go.
• Choose a policy with a no-claims discount, but be warned; lower premiums for no claims may rise sharply if you do claim!
• If you agree to pay an excess on an insurance policy you’ll be offered lower premiums. An excess is an amount the subscriber pays themselves towards any claim – for example, you could agree to pay the first £500, which may work out cheaper in the long run.
• Check to see if your employer offers PMI for you or your family as a perk – it’s still taxable but it’s a lot cheaper than buying a policy yourself.

Alternatives to PMI

PMI isn’t right for everyone, particularly if you’re on a very tight budget. Luckily there are alternatives you can consider:

• Stick with the NHS. You’re paying for it anyway through national insurance and private hospitals may not be able to provide you with the range of expertise that you can get with NHS.
• Take out critical illness insurance only. This will pay out a lump sum if you’re diagnosed with a serious illness.
• Insure yourself. Put money into a special savings account each month to help pay for private treatment. These one-off costs will be expensive but you could consider putting a large amount of cash into a high-interest savings account or a cash ISA each month so that if you don’t use it for a few years you can either spend it on something nice later on or have enough saved up to pay for an expensive medical bill. It’s worth a go!

The post Private medical insurance: how to choose PMI appeared first on MoneyMagpie.

Recently, it emerged around 40% of travel insurers do not cover airline strikes. In fact, most types of strike – whether it be train or plane are not covered by a huge number of insurance providers.

Whilst strikes are a huge pain, they are not your fault. Therefore, it is important to know whether you are covered and financially protected and how to receive airline compensation if this has happened or could happen to you in future.

• Check your insurance policy
• Finding travel insurance
• Planning ahead
• Changing your flight
• Key tips
• Additional key considerations

Check your insurance policy

If you are already covered by travel insurance, the first step is to check whether your plan covers strike action. Each policy is different, so check the policy of every person travelling – even if you are with the same provider.

Citizen’s Advice offers an amazing article which details all the steps you can take to claim compensation for a delayed or cancelled flight, and the circumstances under which a claim is likely to be awarded to you.

Contact your insurance provider directly and ask them for a copy of your insurance policy (if you don’t have it already). Once you have received this, go through it with a fine-tooth comb to see if there is any mention of what happens when your flight is delayed or cancelled due to strike action.

If nothing is stated specifically about strikes, contact your provider again and ask them to go through the document with you whilst it is in front of you. This is helpful as there may be jargon and wording on your policy which is hard to understand. Phrases such as ‘Industrial Action’ or ‘Travel Abandonment’ may be needed within your policy to be covered.

Travel Insurance Explained has a great page all about policy wording, which explains certain terms and wording to look out for in your policy.

Getting the right protection

“Given all the ongoing chaos, not just here in the UK, but also the industrial disputes flaring up in multiple popular holiday destinations, we’ll be hit all summer by layers and layers of travel complications.” Says Neil Wright, managing director of leading award-winning travel insurer, Cedar Tree.

“So, I’d advise looking at adding Travel Disruption cover to a standard policy. This type of cover starts from as little as 66p* on a Cedar Tree policy, you’d be mad not to invest in this.”

*Based on a single-trip policy to France for a long weekend.

Finding travel insurance

If you do not yet have travel insurance, it is important to note you may not be covered if strikes were announced before you got the insurance. Similarly, if the strike was planned before you booked your trip, your cover may be void in this circumstance.

The best way to find a suitable travel insurance policy is to put a little time aside to really shop around. Thanks to the internet, there are plenty of price comparison websites out there, such as MoneySuperMarket and Compare The Market. These are useful for being able to compare different prices for your travel insurance. However, many insurers offer an even better rate when you book direct through them and not via an aggregate. Many of their best policies are in fact not available through third parties.

There are also travel insurance specific websites, which are great not only for comparing the cost of different types of cover, but what each policy includes. Currently, it is not only important to think about cover for strike action, but delays and cancellations due to staff shortage, as well as cover in the incident you become unwell with Covid-19. These are things to keep in mind when considering which policy to go for.

Cedar Tree offer policies which cover a wide range of Covid-19 risks as standard. In fact, their coronavirus cover is so good, it is award winning. There are very few insurers which offer such comprehensive and in-depth covid-19 cover. This is definitely something worth checking out.

Reminder

Some providers may offer cover for industrial action as part of their standard insurance and coverage plans. However, some may not, and you may need to pay slightly extra to receive add-ons such as this.

However, it is likely not to be a huge additional cost (perhaps a few pounds). You will be thankful you did if you find yourself in a sticky situation due to strikes.

Planning ahead

So, you have your flight booked, you are excited for your holiday and ready to go. There has been no confirmation of strike action affecting your specific flight – yet. But the news is rife with stories of flight cancellations, delays and airline workers taking strike action. It is worrying and can leave you feeling doubtful.

So, what can you do in this situation? Take a deep breath, make a cup of tea and take it step by step.

The best thing to do is to contact the airline you are flying with directly. Ask them about any upcoming industrial action and ask whether your flight could be impacted. They may not know for sure, but it’s worth asking.

Please note – if the strike is happening through the airline, for example air stewards and stewardesses are striking, then the airline is obligated to compensate you themselves. If the strikes are by workers not directly employed by the airline, the airline is not obligated to compensate you. This may be baggage loading staff, for example.

This is why it is important to ensure you have travel insurance which will cover you in the instance of flight disruption.

Booking websites

If you booked your holiday or trip through a third party, such as Lastminute.com or Booking.com, contact them. Ask them what would happen if you were to experience travel disruption as the result of industrial action. They will be able to guide you through the process and let you know the plan of action if something does happen.

External tour operators which are UK-based must sign up to a protection type called ATOL. This means the company are responsible for finding alternative travel arrangements or reschedule your holiday altogether where required.

It is good to know what will happen in this scenario, so you know exactly which steps to take. This way, you can get the compensation you are rightfully owed.

Neil Wright of Cedar Tree says:

What the experts say

Neil Wright, managing director of leading award-winning travel insurer, Cedar Tree says:

“Read the fine print in their policies, you may just find some insurers provide additional benefits as part of a standard policy. For example, a Cedar Tree policy will, at no extra charge, extend the policy benefits, for instance medical, luggage and liability, should your flight be cancelled or changed on your return.”

Changing your flight

If a strike is likely to happen, do not cancel your flight. There is not much point, as you may not get your money back. If your flight is cancelled due to a strike, you will be able to get a refund from the airline for this.

Similarly, if you have been told more than two weeks in advance of your flight that a strike is going to take place when you are planning to fly, airlines will often offer you an alternative flight or date. If there is less than two weeks’ notice of a strike happening, or you are stranded on holiday as the result of a strike, you may be compensated financially or in the form of accommodation or food, paid for by the airline.

Shop around and seek alternative options for flights, travel and even destinations if you are concerned about strike action. However, it is ideal to hold off before doing anything hasty. You might not know whether your flight is definitely going ahead or not. Plus, you may have to pay to change your flight.

Key tips

• Double check your insurance policy for mention of airline strikes. If you are unsure, contact your provider directly.
• Pay for your ticket with a credit card is possible. This is beneficial as you are covered for purchases between £100 and £30,000. The credit card company can reimburse you under Section 75 of the Consumer Credit Act.
• Get travel insurance, if you haven’t already! Going directly through the insurers means you are more likely to find the best deals and direct cover.
• As an additional step to make sure you are covered in all scenarios. Check to see if your travel insurance covers Covid-19 related cancellations and other disruption. Many travel insurance policies do not cover for this.

Additional key considerations

Neil Wright, managing director of leading award-winning travel insurer, Cedar Tree has shared some important tips on this:

• EHIC: Brexit means UK travellers are no longer covered by EHIC and will be responsible for their own medical costs.  Travel insurance will cover this  
• Book travel insurance immediately: when you book your holiday, book your travel insurance, that way you have immediate cover if there are travel disruptions, including you falling ill with Covid and no longer able to travel. 
• Remember: some countries, e.g. Thailand, Turkey and Morocco now require you to show proof of travel insurance as part of their entry rules.  
• Book direct: you can often get better cover, e.g. travel disruption cover by booking directly with the travel insurer and not via any aggregators. 

 Disclaimer: This Post is sponsored by Cedar Tree 

The post Does your travel insurance cover airline strikes? appeared first on MoneyMagpie.

You may have difficulty understanding the wishes of the deceased as stated in the Will. Similarly, the legal jargon is enough to confuse anyone. Legal issues arising from a Will are the last thing you need to think about when trying to sort your loved one’s estate.

We have created a handy guide surrounding the issues which can arise when navigating a Will. We also discuss the ways in which these problems can be confronted and overcome, so you’ll have all the information you need going forward.

• Complex Wills
• Jargon
• Contentious Probate
• Other issues arising in Wills
• Solutions of issues in Wills
• Absence of a Will

Complex Wills

Complex Wills contain the same information as a standard Will but are slightly more in-depth. Wills usually contain the name of the executor, beneficiaries and who gets the estate if the original beneficiaries are unable to accept. It could also include charitable donations or gifts, and who will look after pets.

Complex Wills provide the testator with much more in-depth ways to distribute their estate. In a complex Will, you may find direction surrounding how the Will is to be split between children from more than one marriage, how children with disabilities are to be cared for, who gains control of any family businesses and who gets stocks and shares owned by the deceased.

If your loved one has a complex Will, it is important to ask for guidance from professionals. Hiring a solicitor to talk you through the more complex terms within a Will will not only give you peace of mind but avoid any disputes between beneficiaries and family.

If there are disputes around the administration of someone’s estate, whether or not there’s a Will, it is worth speaking to a specialist probate litigation lawyer who is experienced in sensitively guiding people through challenging issues.

Jargon

Understanding the legal jargon within a Will can be hard work. Even those who have dealt with a loved one’s Will previously are likely to be stumped by some of the more complicated terms within the document.

Firstly, it is important to understand the people who may be mentioned within a Will. A testator is the person who makes the Will and the executor carries out the Testator’s wishes. A beneficiary is a person to whom a gift is left, and the person who manages a trust set up for the beneficiary is a trustee.

Some of the other most common words which appear in Wills include Assets, Attestation, Estate and Probate:

• Assets: The valuable items you own, such as possessions, property and cash.
• Attestation: The signing and witnessing of a Will.
• Estate: The total of your assets, minus the value of anything you may owe.
• Probate: This gives the executor the authority to administer the estate and proves the Will is valid.

CONTENTIOUS PROBATE

Contentious probate encompasses all disputes around the administration of someone’s estate, whether or not there is a Will available. Issues might be raised by disgruntled beneficiaries, personal representatives, trustees or dependents. This could be in relation to mismanagement of the estate, claims against the estate or the interpretation of a Will or trust document.

Becoming involved in an estate dispute is likely to be difficult and distressing at a time when you may already be grieving. Using the help of experienced probate litigation solicitors is important in these circumstances.

Not only can they help you to understand the Will and any reasons for disputing the Will, but they take the time to understand any underlying issues and how best they can help resolve a dispute.

Thankfully, most contentious probate matters are resolved outside of the courtroom, but if litigation becomes the only way forward to protect your interests, solicitors would take prompt action on your behalf.

Other Issues arising in Wills

Invalid execution of a Will:

• • Witnesses must be present for the signing of the Will. In the circumstance where witnesses to the will have not witnessed the testator signing it, or acknowledged a signature in their presence, the Will would be void.
  • The witnesses must not be beneficiaries or of the beneficiary. This will also render the Will void..

Marriage:

• • If a testator makes a will whilst single and then subsequently marries, the marriage causes the will to be void.
  • A clause about the anticipated marriage could be included in the Will stating the Will should remain effective after the marriage.
  • If not, a new will must be made.

Solicitor error:

• • A solicitor may mistakenly draft a clause within the Will that is not in line with the testator’s wishes.
  • This could include drafting an ambiguous clause or misunderstanding the intention of the testator.
  • Any misconstruction of the testator’s intention will have adverse consequences upon death

Gifts in the Will become ineffective:

• • If the death of a beneficiary occurs before that of the testator and there is no available substitute beneficiary, the gift is no longer available or the gift is not specifically stated and unable to be identified, it becomes ineffective.

Jurisdiction issues:

• • If a foreign jurisdiction fails to recognise an English Will, immovable assets such as property may fall under local forced heirship rules.

Solutions to issues in Wills

Rectification

If you wish to rectify an invalid Will due to either clerical error or failure to understand the testator’s wishes, an application can be made to the Court. Clerical errors may include mistakes made by solicitors, typists or the testator themselves. This could be adding or omitting something in error.

The court will consider the testator’s intention when considering if the Will can be rectified. They may need external evidence in order to do so.

In the case of a solicitor error or negligence, the solicitor may be called upon to reimburse the beneficiary for any court costs incurred when aiming to rectify a Will.

Negligence claims

If rectification is deemed unsuitable, a claim against the solicitor that negligently prepared the Will may be an option. A beneficiary of a will has a right to damages against the solicitor whose negligence has caused them to suffer loss. The duty of care owed by the solicitor to the testator is automatically extended to any beneficiaries.

The duty also extends to circumstances whereby a solicitor sends a Will to a client for signature. The solicitor has a duty to examine the returned Will to see whether it appears to be properly executed. If they fail to notice errors, they may be liable for any losses incurred by the beneficiaries.

Absence of a Will

Navigating a Will is hard enough, but what if there is no Will in the first place? According to Citizens Advice, if a person dies without leaving a valid will, their estate must be shared out according to certain rules.

These are rules of intestacy, and anyone who dies without leaving a Will is titled an intestate person. Under the rules of intestacy, only married or civil partners can inherit a loved one’s estate. Some other close relatives can also inherit in the absence of a partner.

This is the case if someone makes a will but it is not legally valid. The rules of intestacy take precedence over the wishes expressed in the Will. These rules also decide how the estate will be shared out.

Disclaimer: MoneyMagpie is not a licensed financial or legal advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial or legal advice. Anyone thinking of investing should conduct their own due diligence.

The post Navigating complicated Wills appeared first on MoneyMagpie.

You might be tempted to get the insurance there and then but don’t be fooled. On average electrical retailers are known to charge their customers three to four times more than necessary for insurance.

• Do you need computer insurance?
• Which policies are best?
• What will happen if I make a claim?
• What’s the alternative?

Do you need computer insurance?

If your laptop gets pinched from your house or elsewhere, your home contents insurance might not cover it or you might not want to claim on it because it will make future insurance payments higher.

Most home contents insurance policies cover some additional items like computers that have already been specified by you. Do be aware, though, that there’s likely to be an upper-value limit. This means that they won’t pay out more than an agreed amount. If that amount is £1,500 and your computer’s worth £2,000 then you’ll only be able to claim £1,500.

You must decide whether you think the cost of the premiums balances out the risk of your computer being stolen and the money you’d be awarded.

If your computer isn’t that expensive then the premiums are probably a waste of money and it would work out better to just buy a new machine. If you have a particularly glamorous and expensive laptop then it may be worth forking out for your own peace of mind!

Why is it different to a warranty?

The statutory manufacturer’s warranty covers the purchase for a year. It will normally be buried at the bottom of the box. Always read this before taking out computer insurance because it’s highly likely the two will significantly overlap. However, the warranty will only protect you if there’s a technical fault. You won’t be covered if the computer’s stolen. If your computer does get stolen, insurance will allow you to carry on your life or your business as quickly as possible by replacing what has been lost.

Check out the Moneymagpie article What you need to know about warranties for more information.

Sale of Goods Act

The Sale of Goods Act is a particularly useful Act that not enough people resort to. It protects the purchase of goods over their ‘expected useful life’. That means it won’t cover you forever, much as you’d like it to, but it will cover you for a few years. So it’s valuable protection for goods that have an expected ‘useful life’ that’s longer than the standard 12-month warranty. It means that if the product, such as a desktop or laptop computer, has an expected useful life of four years, its owner can get it repaired or replaced if it dies within that period, regardless of any warranties.

All computers should have a useful life of at least four years, so it’s a waste of money to buy an extended warranty for a desktop or laptop computer. Once again, this doesn’t help you out if you lose the computer, so that could be where insurance comes in handy.

Which policies are best?

There are lots of polices around and prices depend on how much cover you want. Don’t be sucked in to paying for things you don’t need. If you never take your computer abroad then don’t pay the extra £36.28 for worldwide cover.

Always shop around, get a selection of quotes and remember to read the small print! What are the excesses? What are the terms and conditions? Are there any exclusions?

What will happen if I make a claim?

It’s quite possible you may be penalised in a number of ways:

1. Many insurance companies’ upper limits are not very high and would not cover the cost of a new computer. Unfortunately computers depreciate quickly and a computer that cost £2,000 when new, might not be worth more than £500 after only a year. Your contents policy would only pay the present value of the computer.
2. If you make a claim on your contents insurance, your total renewal premium will be significantly higher. This is because the premium is based on the entire contents of your house and not just the item you claimed for.
3. Many home contents policies will not provide cover if you remove the computer from your house or the office. If you use a laptop and travel to business meetings you’re taking an unnecessary risk.

What won’t be covered by the insurance?

As with all technical equipment, computer insurance does not provide cover for items such as:

• Maintenance costs
• Electrical or mechanical failure
• Normal wear and tear
• Fraud and dishonesty

What’s the alternative?

Make sure that if you lose your computer it’s not the end of the world. Back up your work to prepare you for any eventuality. Do not keep all email addresses on your computer but make sure they’re also stored on an external hard drive or in an address book (if you’re more traditional).

Keep your photos and favourite music backed up on external hard drives, discs and memory sticks.

For a business, backing up is essential and should be done constantly. For a personal computer you may only want to back up when you upload new, precious stuff.

The post Computer insurance: do you need it? appeared first on MoneyMagpie.

• What does phone insurance cover?
• Do you even need phone insurance?
• The 4 different ways to insure your phone – which is best for you?

What phone insurance covers

Mobile phone insurance will usually cover loss, accidental damage and theft across the globe. You can expect to pay on average £6-8 a month with most mobile phone providers or between £25 and £75 a year with independent insurers. Generally the more expensive the phone is, the costlier the insurance.

When you’re setting up a new contract, or buying a new handset, the retailers will often try to sell you insurance with the lot, especially if you’re getting a relatively high-end model. Don’t get sucked in! With some quick research you’re more than likely to find a better deal elsewhere.

Do you even need phone insurance?

This is an important question to consider. Obviously, losing your phone is extremely annoying and can be an expensive thing to replace. However, companies will often try to frighten you into paying over the odds for some cover. Consider these questions before you jump straight in:

• Have you lost a lot of phones in the past?

• Are you prone to breaking gadgets?

• Do you live in a high-crime area?

If you answered ‘no’ to these questions then insurance is probably a waste of money. If, on the other hand, you answered yes to any of them, chances are that insurance will be cheaper than the cost of replacing your phone time and again.

• If you’re on pay-as-you-go, then the risks are minimal as you haven’t set up a direct debit so there’s a limit to the amount of fraudulent calls that can be made. Insurance in this case should only really be necessary if you’ve got a very expensive, high-tech gadget, and even then you may be able to get it covered on your home insurance.
• If you’ve got a contract phone and you’re likely to lose or break it, then it’s best to get cover for your phone. This is because even if you don’t want to replace the phone, you might still have to pay the monthly fee until the contract runs out.

How to get mobile phone insurance – which way is best for you?

Once you’ve decided that you need insurance, the next thing to consider is the best way to go about it. There are a number of different ways you can cover your phone including:

1. Getting insurance specifically for your phone
2. Including it in your home insurance
3. Getting phone insurance with your paid-for bank account
4. Insuring it yourself

1.  Mobile phone insurers

Mobile phone providers typically charge about £75-£100 a year for insurance, regardless of the value of your handset. This is good if you’ve got a more expensive handset, as you will be getting more for your money if you do lose your phone. However, it’s too much for cheaper models.

2. Home insurance

Home contents insurance is a must if you have possessions. As well as protecting any accidental damage to the building, like fire, floods or vandalism, it will also provide cover for the contents of your home, like your TV, sofa and clothes.

Some home insurance providers will also provide extra cover for items that are taken out of the home, like handbags, laptops, bicycles and mobile phones. We’ve taken a look at the ones that offer mobile phone insurance as an optional extra.

3. Current accounts

There a quite a few banks that offer mobile phone insurance when you sign up to their paid-for current accounts. It’s worth checking out to see if your bank offers this as it could save you in the long run. Often they also offer things like basic travel insurance as well, for a small monthly fee.

4.  Self insurance

This really can be the best form of financial protection, and is ideal if you’re not prone to breaking or losing your phone very often. By setting up a standing order of around £5 a month into a high interest savings account you can quickly accumulate enough money to buy yourself a new phone if yours gets damaged or stolen. See our article on savings accounts for more information.

If you’re unlikely to claim on your insurance then it can feel as though you’re just throwing money away if you take out any type of cover. The good thing about self insurance – i.e. setting up a special savings account to cope with loss or damage – is that you can quickly save up enough to pay for a brand new phone if yours does happen to go missing or get damaged and you can simply stop paying money in when you feel as though you’ve accumulated enough. And, because you’ve got it in a high-interest account it’s actually likely to make you money, so if you don’t end up claiming the cash and interest is all yours.

Why doesn’t everyone self insure then? The downside to insuring yourself is that if something happens to your phone after just three months or so, you’re unlikely to have enough in your account to buy a decent new phone straight away. Also, the money in your account may not cover the cost of any fraudulent calls made on your phone. So keep that in mind if you decide to be your own mobile phone insurer!

The post Mobile Phone Insurance appeared first on MoneyMagpie.