Belfast Telegraph

Consumers reassured over financial implications of Brexit

Consumers are being reassured that they do not need to act hastily in the aftermath of the referendum vote.

Here are some answers from the Association of British Insurers (ABI) to potential questions that people might have about their financial arrangements:

:: I am worried about the stock market and what is going to happen to my pension. What should I do?

Having your savings in a fund managed by a pension provider means they are being professionally looked after, and this will include strategies to minimise the impact of any periods of poor performance. The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks.

:: I'm going abroad this weekend - will my travel insurance still be valid?

Travel insurance products will continue to offer all of the cover that they do at the moment - there will be no immediate change to any existing policies you currently have. The European Health Insurance Card (EHIC) will continue to apply.

:: I am planning to drive in Europe next month - will there be an impact on my motor insurance?

UK policies will continue to automatically cover you for the minimum legal requirement in EU countries. You should check your policy or talk to your insurer about more comprehensive cover if you want it, as has always been the case.

:: I buy my home or car insurance from a company which is not British. Will it still be valid?

Existing contracts with insurance companies and pension providers will be unchanged, wherever the company is based.

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