A MAJOR price comparison firm is handing a £250 car insurance fee back to drivers and £11 million has already been claimed.

GoCompare is offering customers the free excess refund reward when they purchase car insurance.

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The price comparison site has revealed that its customers have been millions through its £250 Excess Refund Reward since the scheme began in July 2019.

The Excess Refund Reward allows any customer who purchases a car insurance policy through GoCompare to opt in and receive money back when the claim is settled.

For example, if your total excess is £300, you pay this to your insurer, and GoCompare refund £250 after your claim is settled.

The price comparison firm will refund you if you have damage to your car, if you’re at fault and have comprehensive insurance.

You can also get a refund for claims for fire or theft as well as uninsured driver claims.

However, GoCompare stress that you will not be able to use your free excess cover for windscreen repair and replacement, damage caused by a breakdown or misfuelling or claims from outside the UK.

Repairs to your own car, without comprehensive cover are also not included in the free excess cover.

GoCompare say that making a claim is a straightforward process and you should be able to fill out the online form in about ten minutes. 

Once you’ve submitted your claim, and it’s been approved, expect to get your refund within five working days.

An excess is included on most insurance policies and is the amount that the policyholder needs to pay upfront before they can make a claim.

Regarding car insurance, the excess is split into two parts: compulsory and voluntary.

The insurer sets the compulsory excess while the policyholder can choose the voluntary excess – then when you make a claim the two are added together and must be paid before a claim can be made.

Previous research from Go.Compare revealed that only 49 per cent of motorists fully understand the meaning of voluntary and compulsory excesses on their policy.

Meanwhile, only 7 per cent of drivers aged 18 to 24 said they understood compulsory excess.

Tom Banks, car insurance expert at Go.Compare, said: “Seeing that over £11 million has been refunded to our customers through this offer is amazing.

“The process of making a claim on an insurance policy can be a stressful one so we hope that this refund reward can help ease some of the stresses, both mentally and financially.

“Our aim is to help motorists make informed decisions when it comes to insurance, making sure they get the cover they need and help them save some money – the excess refund reward is a great example of this.

“It’s great to see that so many customers have been able to benefit from the scheme.”

It comes after Martin Lewis urged car drivers to beware of a simple car insurance payment mistake that can end up being more expensive.

The money saving expert shared the a new video to help motorists save cash while covering the essential bill.

What is car insurance?

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Consumer reporter Sam Walker talks you through what car insurance is and what it covers you for…

Car insurance pays out if your vehicle is stolen, damaged, catches on fire or is involved in an accident.

As a minimum, it protects you against any damage you case to other road users, the public or their property – these are called third parties.

You only need to claim on your car insurance when an accident is your fault.

If another motorist is to blame, their insurance should pay out instead.

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Car insurance, unlike home insurance, is a legal requirement and if you don’t have it you can be fined up to £1,000.

You can also have your vehicle seized and destroyed.

However, you don’t need to insure your car if it is classed as “off-road”, or holds a statutory off road notification (SORN).

The vehicle has to be kept on private land and not a public highway though.

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YOU could fly to Turkey for less than a tenner – but you have to book in the next two days.

Low-cost Turkish airline Pegasus has launched €9 (£7.40) tickets for Brits flying from the UK.

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The cheap flights can be found when departing from London Stansted, Manchester, Birmingham and Edinburgh.

The routes included are:

• London to and from Ankara
• London to and from Istanbul
• London to and from Izmir
• Manchester to and from Istanbul
• Edinburgh to and from Istanbul
• Birmingham to and from Istanbul

And the destinations you can fly to from there are the coastal resorts of Bodrum, Dalaman and Antalya, when changing at Istanbul Sabiha Gökçen Airport.

To take advantage of the cheap flights, Brits have to sign up to the airline’s loyalty programme BolBol, although this is free.

The flights don’t include taxes and have to be booked either today or tomorrow.

However, travel can take place anytime between March 30 and October 2025 next year.

The cheapest fares are likely to sell out quickly, with 200,000 seats on offer.

The tickets are part of the airline’s Light package which only includes an underseat bag.

But you can easily add checked luggage for just €5 (£4.20), as part of the deal.

Last year, Pegasus airline launched flights from Birmingham Airport to Istanubl.

These fares usually start from £39.99.

If you’re tempted by the super cheap flights, here is everything you need to know about the holiday destinations you can go to.

Bodrum

Also dubbed Turkey’s St Tropez, Bodrum is loved by celebs from Kate Moss to Mick Jagger.

It has 65 beaches to choose from, although you should also visit Halicarnassus, which once held the Mausoleum — a Wonder of the Ancient World.

Jet2 also launched more flights to Bodrum this year, extending into the winter season.

Antalya

Antalya welcomes more than one million Brits a year.

Beaches follow the city’s crescent-shaped bay, with a pebble beach and crystal-clear water along the flank bordering the new city and a long expanse of sand stretching away from the picturesque old port.

It is home to the the Land of Legends theme park — visible for miles around thanks to its towering Disney-style castle.

Dalaman

Dalaman’s famous attraction is the rock tombs of Fethiye, built into the huge cliff faces.

But there is also a huge beautiful coastline of beach hotels to choose from, including the 4H Holiday Village AQI Turkiye and Sunway Hotel.

Next year, Sun Express will start flying from Newcastle to
Dalaman.

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In today’s newsletter:

• Billionaires fight over satellite internet in India

• Hong Kong slashes its liquor tax

• Switzerland’s wealth managers bank on a future in Asia

Good morning. We start with the latest on the race to launch satellite internet service in India.

Elon Musk appears to have won a contest with Indian telecom tycoons Mukesh Ambani and Sunil Bharti Mittal over the way satellite spectrum should be awarded.

Ambani, Asia’s richest man and chair of oil-to-digital services conglomerate Reliance Industries, along with Mittal’s Bharti Airtel, have been trying to persuade India’s government to auction satellite spectrum, in line with the usual competitive method in the mobile market they dominate, rather than just allocate it.

Musk, chief executive of SpaceX and owner of the Starlink satellite broadband service, has voiced his opposition to the auction method in posts to his social media site X.

And on Tuesday, Indian communications minister Jyotiraditya Scindia said there were no plans afoot to auction space spectrum. “Much appreciated!” Musk posted on X in response.

One industry expert described the tussle as an “ego battle”. They said: “It’s more about ensuring that the telecom industry remains in control of the local players rather than foreigners coming in and dictating their agenda.” Read the full story.

Here’s what else I’m keeping tabs on today:

• Economic data: Japan, Singapore and Hong Kong report trade statistics.

• Monetary policy: The European Central Bank is overwhelmingly expected to cut interest rates by 0.25 percentage points, to 3.25 per cent.

• TSMC: Taiwan Semiconductor Manufacturing Company, the world’s largest chipmaker, reports quarterly earnings.

Five more top stories

1. Hong Kong has slashed its liquor tax as the Chinese territory seeks to boost nightlife and revive its struggling economy. Until now, spirits with alcoholic content of more than 30 per cent, including brandy, whisky and gin, had been subject to a 100 per cent duty in Hong Kong. Here’s the new duty rate for spirits announced in chief executive John Lee’s annual address.

2. Woodside Energy, Australia’s largest oil and gas developer, will delist its shares from the London Stock Exchange next month. The company said yesterday that the cost of maintaining the secondary listing was no longer justified, in the latest blow to the UK market’s status as a natural resources hub.

3. An Israeli air strike killed the mayor of a southern Lebanese city and at least 15 other people after it struck municipal buildings in Nabatiyeh, the health ministry said. The attack raised fears that Israel is widening its campaign against Hizbollah’s Shia militants to include government offices and civilian officials.

4. Elon Musk has given nearly $75mn to help Donald Trump’s bid to win back the White House. The Tesla and X owner made several multimillion-dollar donations during the third quarter to his political action committee, according to a federal filing released yesterday, giving the group a huge budget to support Trump’s re-election bid.

• More on the US election: Kamala Harris is stepping up her media appearances with direct appeals to Black voters as she struggles to take on Donald Trump with just three weeks to go in the White House race.

5. Luxury shares tumbled yesterday after industry bellwether LVMH reported a bigger than expected fall in quarterly sales as a result of weak consumer demand in China. The group’s chief financial officer Jean-Jacques Guiony told analysts that consumer confidence in mainland China had reached Covid-era lows.

FT Wealth

For three centuries, Switzerland’s stability and geopolitical neutrality — combined with its strict adherence to banking discretion — supported a thriving and world-leading wealth management industry. But in recent years, those foundations have begun to crack, while Hong and Singapore have emerged as competing hubs for offshore wealth. Now, some European wealth managers are relocating to Asia as they seek to capitalise on the growth in the region.

We’re also reading . . . 

• Chinese economy: Investors are counting on a large and well-targeted fiscal stimulus, writes the FT editorial board. A market rally that peters out would do more harm than good.

• Shameless: The brazenness of US politicians in the face of scandals is a defining feature of the era. Ed Luce asks: has America lost its shame?

• Cheapflation: Prices of inexpensive goods have risen faster than more expensive varieties. Governments and businesses are now trying to figure out who is to blame, writes Brooke Masters.

Chart of the day

The biggest US investment banks generated $36bn in revenues from deals and trading in the last quarter, as volatile markets and corporate debt issuance fuelled a rebound on Wall Street.

Take a break from the news

In his new column, Jonathan Guthrie shares four investment mistakes you really don’t want to repeat.

Additional contributions from Gordon Smith and Irwin Cruz

PETROL and diesel prices falling an average ten per cent have seen inflation dip to the lowest level in three years.

Official figures yesterday showed consumer price inflation fell to 1.7 per cent in September — down from 2.2 per cent in August.

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That is below the Bank of England’s two per cent target, lower than forecasts and way down on the 11 per cent rate in October 2022.

Myron Jobson, analyst at Interactive Investor, said: “The pace of price rises hasn’t been this low since the days of Covid lockdowns.”

The drop boosted money markets’ predictions of interest rate cuts next month — which would be a big help for businesses, borrowers and mortgage holders.

Markets have put a 91 per cent likelihood of the Bank lowering rates from five per cent to 4.75 per cent at its meeting in November.

Some economists highlighted Governor Andrew Bailey’s recent comments that the Bank could be more “aggressive” and suggested a cut to 4.5 per cent.

However the drop in inflation will deal a blow to millions of Brits on benefits.

Rises in universal credit, and disability living and carers allowance, are pegged to September’s figure.

It means the standard allowance of universal credit, for a single person under 25, is expected go up in April by just £5.30 a month to about £317.

For a couple over 25, the rise is likely to be £10.50 to £628 a month.

Danni Hewson, at investment platform AJ Bell, said: “Last year the standard allowance for a couple over the age of 25 jumped by almost £40 a month.”

The City is still nervous, with inflation set to rise above two per cent in October due to higher energy bills following the regulator raising its price cap.

And there are fears fuel duty will rise in the Budget, despite The Sun’s decade-long Keep It Down campaign.

SLAP OF LUXURY

THE fizz has gone flat at Louis Vuitton Moet Hennessy after around £10billion was knocked off its value yesterday amid slowing demand for luxury goods.

LVMH, which has called on Game of Thrones actress Sophie Turner to be the latest face of Louis Vuitton handbags, recorded a 5 per cent slip in fashion and leather goods, the first fall since the start of the pandemic.

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Shares in LVMH fell as much as 7 per cent, closing down 4.5 per cent, valuing the business at £250billion.

Champagne sales fell, knocking sales in its wine and spirits division by 8 per cent.

LVMH is counting on Beyonce’s new whisky brand, SirDavis, for an uplift.

LVMH said sales in Asia fell by 16 per cent in the past three months

FIRMS’ TAX FEAR

SHOPS, pubs and restaurants face a £2.63billion “double whammy” hit from business rates rises, unless the Chancellor makes good on reforms.

Business rate bills are based on September’s inflation figures.

Research by property firm Altus Group forecasts the 1.7 per cent inflation rate announced yesterday means business rates will jump by £488million in England.

Some £224million will be paid by retail, hospitality and leisure.

Small firms also face the loss of the last government’s 75 per cent rates discount.

JUST EAT’S SWELL

TAKEAWAY delivery firm Just Eat has posted a 6 per cent rise in sales to £1.5billion in the UK and Ireland.

The firm yesterday said a 1 per cent drop in food orders was offset by higher menu prices, bringing its best UK sales in three years.

The company recently launched a tie-up with adult retailer Lovehoney and is focusing on partnerships with retailers including Boots and Lush.

Just Eat’s US sales slumped by 12 per cent.

Boss Jitse Groen said the UK continued with “positive momentum”.

CALL FOR BRAKE ON CARS BAN

THE boss of Vertu Motors car dealership group has called on the government to delay its 2030 net zero deadline.

It comes amid manufacturers now rationing petrol and diesel motors to avoid fines if they sell too many this year.

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Vertu’s Robert Forrester said some drivers buying a car this winter may have to wait for new year when next quotas kick in.

Manufacturers have to ensure 22 per cent of all the vehicles sold this year are electric, or face a £15,000 fine for every car over the limit.

Vertu posted a 3 per cent rise in half year sales to £2.5billion.

Profits slumped by 27 per cent to £22million following minimum wage increases.

Mr Forrester also took aim at the Chancellor’s proposed tax changes amid warnings it could destroy London’s junior Aim stock market, where Vertu launched in 2006.

He said he would “urge the Government to carefully consider the impact”.

INN’S JOB VACUUM

PREMIER INN is turning to robot vacuum cleaners at its hotels to reduce human staff.

Boss of parent company Whitbread, Dominic Paul, did not rule out more redundancies as he ramps up cost cutting by £20million to £60million.

Whitbread has already axed 1,000 jobs in a year.

The group posted a 22 per cent tumble in half year pre-tax profits to £309million.

Savings are to be made by using tech.