Insurance Q&A
- Monday, 16 March 2009
- 0 Comments
Chris Ryder-Richardson
Q What choices are there in terms of insurance providers?
A The decision as to where to buy your insurance from is entirely yours.
The conditions in your park agreement may require proof of insurance to protect the park against the cost of removing the debris of a destroyed caravan or to ensure some protection for holidaymakers against damage caused by you. However, you are a free agent to pick and choose your insurance from any authorised insurance provider.
So, what can you do if you are under pressure to buy insurance from someone other than your preferred choice? My suggestion is that you ask the insurers’ regulator, the Financial Services Authority (FSA), to help you. The FSA can be contacted on 0845 606 1234 or online at www.fsa.gov.uk. The website contains a full list of all FSA authorised insurance providers for you to contact.
How do you decide?
Your choice will depend on many factors including price, breadth of cover, service provided or strength of the insurer. Applying your priorities will determine who will come top of your list. However, all insurance companies have to supply sufficient information to allow you to make ‘an informed choice’ about their offering. This means at least a ‘Key Facts Summary’ alongside a personalised written quote.
Even after you take the plunge, you are entitled to a 14 day ‘Cooling Off Period’ when you can change your mind. The ‘Cooling Off Period’ starts when you receive your documents, or when the insurance starts, whichever is later.
The insurance industry is heavily regulated and the FSA takes a dim view of anyone who fails to comply.
■ Can we help?
Write to: Chris Ryder Richardson c/o Park Home & Holiday Caravan editorial, IPC Media, Leon House, 233 High Street, Croydon CR9 1HZ.
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