Don't Get Cheated By Your Motor Insurance Broker (Don’t Get Cheated on Motor Insurance)

Don't Get Cheated By Your Motor Insurance Broker (Don’t Get Cheated on Motor Insurance)

Usually, people living in rural areas such as the Shetland Islands are charged much lower premiums because very few people live in those areas and the claims per capita of the population are very few. People living in Inner London and Glasgow are charged the highest premiums because these areas have the greatest population density, larger number of accidents and a higher crime rates.
Fraud

In the UK, the premium amount you have to pay depends on :

The type of car - Is it a car model which is popular with car thieves? Is it a model which is easy to repair in case of an accident? Are the parts easily available and affordable?
The level of insurance coverage chosen – basic or comprehensive.
Claims, conviction, age and experience of the driver.
The district in which the car is kept overnight

There has been quite a bit of fraud going on in the insurance industry. Some brokers have secret agreements with insurance companies to “steer customers” to buy insurance from that company and be paid by the insurance company. The customer ends up paying premiums that are higher because of hidden costs that the insurance company uses to be reimbursed for the money it is paying the broker. For example, the New York State Insurance Department took action against Universal Life Resources, Inc. for violations of state insurance law. The following statements were made about this case : "Today's case demonstrates that the corrupt practices first laid bare in the Marsh suit are present in additional sectors of the industry…secret payoffs and conflicts of interest that infected the market for property and casualty insurance have taken root in the employee benefits market as well."

The costs of ULR's concealed payments were ultimately borne by their customers who did not have any way of knowing about or contesting these illegal practices. So such brokers can add hidden costs in any part of your policy. If you sense that anything is amiss, point it out to your broker. If they still quote unreasonably high premium amounts and do not provide any justification for the high charges, complain to the insurance ombudsman. When you call a brokerage firm or a broker, make sure you note down the name, telephone number and department of the person you spoke to.

In order to protect yourself from auto insurance fraud, you need to do a lot of research to be sure you are getting a fair deal.

Compare insurance quotes and read the fine print in the policies to make sure that you get the coverage you need. Each insurance company calculates credit scores differently, so you need to get quotes from several insurers to find the lowest premium charged. Also, find out what your credit score is because you can ask the insurance company for exceptions if your credit score has been adversely affected by divorce, the death of a family member, job loss or serious medical problems.

Database, which contains details of every insured vehicle in the country. Third P Insurance is a legal requirement in the UK. All motorists have to be insured against their liability for injuries to passengers in their car and those driving another vehicle, sitting in another vehicle or crossing the road and for damage to another persons' property resulting from the use of their vehicle on a public road or in other public places.

You should also be aware that, in the UK, The Motor Insurers Bureau compensates the victims of road accidents caused by untraced or uninsured motorists. The also manages the Motor Insurance

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