You are here: Home - Insurance - News -

Car owners claim for flood damage

0
Written by:
17/01/2008

Nearly 11% of all insurance claims resulting from 2007’s flooding were car insurance claims, research from price comparison website Gocompare.com has shown.

With further flooding expected this year, many car owners who are underinsured are at risk of racking up repair costs. Hayley Parsons, managing director of Gocompare.com, says those at greatest risk are the nine million people who only have third party, fire and theft cover. None of these policies, which are among the cheapest policies available, cover flood damage. It is estimated that 28% of UK drivers have this kind of cover.

Parsons said: “Generally, drivers will opt for these policies as they cost less than comprehensive cover. Sometimes this will be the right cover for the individual if the value of the vehicle is very low. There is nothing wrong with purchasing these policies, but it is essential in times such as these that drivers know exactly what is and isn’t included in their policy cover.

“Everyday we are seeing images of people driving through flood water and it is clear that people still aren’t aware of the damage it can cause to their car or the danger flood water can hide.”

Gocompare.com has advised drivers to take a number of steps to reduce the risk of damage, should flooding strike again. These include moving your car to higher ground, avoiding driving to flood water and not starting your engine if your car is submerged in water.

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Second utility price hike announced

Several price comparison sites have criticised EDF Energy’s planned increase in gas and electricity tariffs, to come into affect on...

Close