Latest news with #AssociationofBritishInsurers
The Herald Scotland
01-07-2025
- Automotive
- The Herald Scotland
Scientists developing AI tool to assess car repairs to aid insurance industry
According to the Association of British Insurers, 2.4 million insurance claims were dealt with by motor insurers in 2024, leading to a record £11.7 billion paid out in claims – 17% higher than in 2023. Professor Mohammed Bader of the University of Portsmouth's Ai and Data Science Centre, said the system would provide a 'technical benchmark' for the industry. He said: 'This project will combine machine learning and computer vision to develop AI powered systems that bring together engineers' practical expertise with cutting-edge technology.' Graham Roberts, chief commercial officer at ABL 1 Touch, said the tool would provide a standard for assessing damage across the industry, giving the company a competitive advantage. He said: 'We work in a fast-paced industry that is driven by substantially varying vehicle damage types from many sources. 'Therefore, it is paramount that we find new and innovative ways to identify, prioritise and schedule work into our sites. 'The need to generate scalable solutions that remove single-person dependencies and work on mass data learning protocols is something we embrace as a forward-thinking business.'
Daily Mail
30-06-2025
- Automotive
- Daily Mail
How haggling on car insurance lands you £200 off your renewal quote
Motorists have received discounts of £200 on car insurance renewal quotes after haggling, Which? has found. The consumer group said the size of some price reductions raises questions about whether insurers are offering fair value. Around six in ten drivers (59 per cent) said they haggled with their insurer, with most doing so over the phone. And 61 per cent of those who contacted their insurer got a discount on the original price offered. The average amount motorists saved per year was £64 – with 5 per cent saying they were able to save more than £200 after haggling. Overall, the survey of 2,000 drivers, carried out in April and May, found 49 per cent had seen their premium go up at their last renewal, while 27 per cent saw a reduction. The study also indicated that customers facing challenges at renewal – health conditions, financial problems or lacking confidence or capability – were more likely to have to change their policy to get a lower price. Which? said there are 'serious questions' over whether a first offer from an insurer always represents fair value, leading to some customers paying over the odds. Sam Richardson, deputy editor of Which? Money, said haggling is 'likely to be one of the most effective ways to cut the cost of your renewal'. Around six in ten drivers (59 per cent) said they haggled with their insurer, with most doing so over the phone (Stock Photo) Trade group the Association of British Insurers insisted its members 'take their commitment to their customers and regulatory requirements seriously'. A spokesman said: 'Variations between an initial online quote and a bespoke phone offer often come down to a deeper dive into individual factors which may have changed from the previous policy – your vehicle's security measures, driving habits, level of cover and choice of voluntary excess. 'Whether to offer cover and at what price is a commercial decision for individual insurers based on their risk appetite.' In 2022, rules were introduced to end what is known as a 'loyalty penalty', stipulating that the renewal price for existing home and car insurance customers cannot be higher than what is offered to new customers for the equivalent policy. Which? accepts many people find haggling 'daunting', but suggests that customers ask their insurer to justify any price increases on their renewal premium, highlight any cheaper deals found elsewhere and ask if they are willing to match them.
The Sun
27-06-2025
- The Sun
Eight travel insurance mistakes to avoid that could cost thousands – including tricks to buying cover and what to pay
IF you've planned a holiday but scrimped on travel insurance, you could lose thousands of pounds. Travel insurance covers you if something goes wrong on holiday. 4 4 The most common claims are for transport delays, followed by medical costs and lost baggage, according to Holidaymakers put in 574,000 claims in 2023, according to latest figures from the Association of British Insurers, up 59 per cent from 362,000 in 2022. While it might be tempting to get the cheapest cover or avoid buying it altogether, you could end up footing the bill for a holiday nightmare all by yourself. The key is to make sure you get the right cover - otherwise your policy could be useless. MEL HUNTER explains the most common travel insurance mistakes that can trip people up. MISTAKE 1: NOT TAKING IT OUT There are lots of different types of travel insurance, from single trips, annual cover, family trips, holidays in Europe, and more. Costs vary depending on your age, holiday destination, and any medical conditions. A single-trip policy for a 61-70 year old costs £21 on average, but £15 for a 26-34 year old, for example. While a single-trip policy for an adult holidaying in France would be £16, but £43 for Thailand. More than half of holidaymakers have gone away without travel insurance, according to Co-op insurance. But that's an expensive mistake to make, considering the size of payouts dished out. The average medical bill claim was £2,148 last year, according to LV= General Insurance. Around £359 was paid out for lost or damaged luggage, and £1,390 for cancelled holidays. Christian Bennett from insurer said: 'Travel insurance is essential, and it goes far beyond medical cover.' MISTAKE 2: LEAVING IT TOO LATE 4 With suitcases to pack and flights to catch, it's easy to forget about travel insurance. One in four holidaymakers book it on the day they travel, according to consumer body Which? But leaving it until the last minute is a big mistake. You are only protected from the moment you buy your policy. So if your airline or holiday company cancels your trip or someone in your family falls ill before you take out insurance, you won't be covered. Christian said: 'You should get your cover sorted as soon as you book your flight or holiday. 'If you wait until closer to departure to arrange your travel insurance and then find yourself in the unfortunate position of not being able to travel, you may not be able to recover the cost of your trip.' MISTAKE 3: NOT KNOWING THE DETAILS OF YOUR POLICY Read the T&Cs before taking any policy out, so you know what you are covered for. Only a fifth of holidaymakers research their travel insurance properly. But it may come as a surprise to know that water sports, gadgets like laptops and cameras, and even cycling, may not be covered. It can be difficult wading through piles of paperwork, but key things to look out for are cancellation policy, baggage and medical cover, as these are the most common things to go wrong on holiday. Make sure your policy will cover all your costs if you need to claim. A basic policy may only pay out £1,000 per person if you have to cancel your trip, while a higher level might go to £10,000. Baggage cover can range from £1,000 to £3,000. Medical cover usually pays out up to £1 million at least, but it's crucial to read the small print of what it does, or doesn't, cover. MISTAKE 4: GIVING TOO LITTLE DETAIL ABOUT YOUR MEDICAL HISTORY People underestimate the level of medical details they need to give. You should tell your insurer about every visit to a doctor in the past two or three years, along with any chronic conditions or upcoming treatment. Say if you've had cancer, heart attacks or strokes, even if they happened a long time ago. Include if you or someone on the policy is neurodivergent or waiting for an assessment for conditions such as ADHD or autism. Grant Winter from Goodtogo Travel Insurance said: 'Failing to declare pre-existing medical conditions can result in your policy being invalid. 'That means your claim may not be paid in full, or declined completely.' Update your insurer if there's any changes to your health for annual policies. If you are travelling in Europe, you should also get separate GHIC cards for everyone in your family on top of insurance. They cost nothing, and entitle you to medical care at the same cost as someone who lives in the country – which may not be free. MISTAKE 5: NOT HAVING ENOUGH EVIDENCE TO MAKE A CLAIM If you don't have the evidence to back up your claim, it may be rejected. That's why taking pictures, keeping receipts and notes is so important. For luggage, take a picture of all the items you intend to pack, from clothes to perfume. If your luggage goes walkies or items get lost or stolen, you can show you packed them. Photograph important documents like your passport, hotel and flight bookings, medical and insurance documents. Store them online, password protected, in 'the cloud'. That way if your device gets stolen, you'll still have copies. MISTAKE 6: GETTING SINGLE TRIP COVER INSTEAD OF AN ANNUAL POLICY 4 An annual travel insurance policy covers all your trips away for a whole year, and costs £67 on average. A single trip policy just covers individual trips and typically costs £25. It is priced by the number of days you are away. Picking a single trip policy only usually makes sense cost wise if that's the only holiday you take in the year. Alicia Hempsted from MoneySuperMarket said: 'An annual policy tends to be more cost effective if you're going away at least three times a year.' Use a comparison website like MoneySuperMarket or Compare the Market to compare costs for single trip and annual policies. MISTAKE 7: SPENDING TOO LITTLE, OR TOO MUCH While travel insurance may seem like an annoying extra cost to factor in, scrimping could be even more costly. Some 18 per cent of holidaymakers buy the cheapest travel insurance they can find, according to But cheapest doesn't mean best value for money - and there are important checks to make first. Check the provider is covered by the FCA (Financial Conduct Authority). This means it has to meet minimum standards, like dealing with claims fairly and promptly. Search its register using your insurance provider's firm reference number (FRN), which should be on its website. Check the reviews for possible insurers. Look at Defaqto ratings, which go from one star for the most basic products to five for the most comprehensive. It could be cheaper booking directly with an insurer instead of through a comparison site. Some insurers, like Direct Line, aren't on comparison sites so contact them directly. These days we travel with a pile of expensive gadgets. But the value of these items can easily exceed the protection offered by most standard travel insurance policies. That means if you lose these items, you may not be covered for the full value. If your laptop, phones, camera and iPads fall outside the per-item limit for baggage cover - around £250 - you'll need extra insurance. A specialist gadget policy may be available as an add-on. It typically adds £10 per person to a single trip policy and £20 per person to annual cover. Alicia said: 'These policies can also cover repairs as well, which would be helpful if you needed to get your phone repaired while you're abroad.' What should you look for in a good travel insurance policy? TRAVEL insurance policies can vary a great deal, but here are some "must haves Medical expenses - A good policy will give cover of £1million or more for travel in Europe and £2million or more for the USA Repatriation service - The costs of getting you back to the UK for medical reasons should be covered automatically by your policy Cancellation and curtailment - A good policy will cover you for £2,000 or more if you have to cancel or shorten your holiday Missed departure - Covers additional accommodation costs and travel expenses up to £500 or more if you miss your flight due to circumstances out of your control Delay - You'll usually be covered for £250 or more if your travel plans are delayed due to circumstances out of your control Baggage cover - Covers you if your baggage is lost, damaged or stolen. Look for policies that have cover of £1,500 or more.
Daily Mail
20-06-2025
- Automotive
- Daily Mail
Car insurance payouts to keep rising after hitting record £11.7bn last year
UK motor claims inflation is set remain elevated over the next year after total payouts hit a record high in 2024, according to EY analysis. However, the group still expects rates paid by customers to fall thanks to a competitive market backdrop, thereby putting further pressure on insurers' margins. EY analysts forecast the average cost of motor insurance claims to rise by around 6 per cent in 2025 and 2026, with damage inflation staying high and bodily injury inflation within the 3 to 5 per cent long-term range. Motor claims hit a record £11.7billion in 2024, according to the Association of British Insurers, with the average claim up 13 per cent year-on-year at £4,900. The predicted increase comes despite a 'significant decline' in the frequency of claims, EY said. It credited this to better car safety, lower speed limits, workplace behaviour changes, and even a reluctance among motorists to make claims as a result of greater insurance costs in the UK. EY expects motor insurers' margins to hit breakeven levels this year before slipping into an underwriting loss of around 107 per cent in 2026 as rates lag behind claims inflation. A combined operating ratio (CoR) exceeding 100 indicates that insurance companies are making an underwriting loss, while a ratio below that figure denotes a profit. The UK motor insurance industry had a CoR of 97 per cent in 2024, despite paying out a record £11.7billion in claims. This was still a considerable improvement on the 113 per cent recorded the previous year when soaring claims, labour and parts costs outpaced the growth in premiums. New business rates in the UK car insurance sector shrank by 14 per cent to £757 last year, according to the Confused/WTW Motor premium index. It noted that the rates of decline had slowed from 7 per cent in the first quarter to 2.6 per cent in the following three months. WTW suggested this could be the result of greater consolidation in the UK motor insurance market. Aviva is likely to finalise the £3.7billion takeover of Direct Line Group, which is home to Churchill Insurance and vehicle recovery provider Green Flag, in July following approval from the UK's Competition and Markets Authority. Belgian insurer Ageas also agreed in April to acquire Esure from private equity giant Bain Capital in a £1.4billion deal that will create Britain's third-largest home and motor insurer.
Telegraph
18-06-2025
- Automotive
- Telegraph
Will switching off annoying driver ‘aids' affect my insurance?
Dear Alex, Further to your response to a reader's question about switching off driver assistance features, would deactivating such systems have any implications for insurance claims should the vehicle be involved in an accident? – DS Dear DH, An excellent question. Insurers have been known to refuse claims if items of standard equipment have been disabled in the past. However, in this case, it's likely they wouldn't do so. It's true that they don't like you turning off these safety systems, called Advanced Driver Assistance Systems (abbreviated to ADAS). For the time being at least, insurers consider it best practice to leave them on at all times. But insurers would have to insert a clause stating that the deactivation of ADAS safety equipment would invalidate the policy – and I haven't yet heard of such a clause (with the exception of some manufacturers' test-drive policies on racing circuits). Saying that, things can change, so it's always best to check your insurance policy to be sure. Indeed, that's the official advice offered by the Association of British Insurers. But the chances are you don't have such a clause in your policy, so a claim wouldn't be invalidated by the discovery that you had turned off the driver assistance features. However, keep in mind that disabling certain parts of your car's safety equipment could, in certain cases, get you in trouble with the police. Let's say you had an accident because you had lost control of your car; you caused property damage, or worse, and the police got involved. If you had disabled a non-ADAS function such as the traction control, the police may well take this as evidence you were driving dangerously and charge you as a result. For all that, it's unlikely that deactivating ADAS systems like lane-keeping assistance or speed limit warnings would cause additional trouble. After all, in the eyes of the law, it's your responsibility as a driver to keep control of the car and be aware of the speed limit regardless of whether the driver aids are on or off. As a result, it's unlikely that their activation or otherwise would make a difference – in much the same way that you might struggle to claim they were at fault if they mis-detected your speed.
