Car insurance costs are spiralling and claims for whiplash injuries are one of the main causes, according to a new report by MPs, launched today. Although the number of road accident casualties has fallen by 23 per cent in the past six years, the number of motor insurance injury claims has grown by 70 per [...]
Stormy weather caused the number of car insurance claims to shoot up by 28% in the first five days of the New Year, the AA has revealed. Many parts of the UK suffered winds of up to 90mph resulting in thousands of pounds worth of damage to vehicles. Cars were hit by an array of [...]
Motor insurance company Admiral has issued a profits warning causing its shares to plummet by a quarter, after being hit by an increase in personal injury claims. The company, which owns Elephant and Confused.com now expects 2011 profits to fall at the lower end of the range of analysts’ estimates. The number of personal injury [...]
Over a third of fatal accidents on Britain’s roads are caused by road rage, according to new research. The study by AXA insurance found 800 lives are lost every year through road accidents caused by angry drivers. More than one in three (35%) serious road accidents involve at least one angry driver. AXA estimates the [...]
Nearly half of car insurance providers do not provide a courtesy car as standard, research by Defaqto found. The study found 49% of car insurance policies would not provide a replacement car following an accident. A further 28% only offer a replacement car if it was selected as an optional extra when the insurance policy [...]
Young drivers in the UK are less likely to make an insurance claim than their European counterparts, according to a new study. Research by AXA found that British motorists aged under 25 are 30% less likely to make a claim than young drivers in Spain or France, and 25% less likely than those in Germany. [...]
If you’re unlucky enough to crash your car twice this winter you could find yourself paying double for car insurance, according to Confused.com. Some insurers researched by the price comparison site more than trebled the cost of insurance premiums after two accidents. Confused.com said drivers should take extra care at the moment because icy winter [...]
Car insurance premiums are set to rise dramatically in 2010, Confused.com said this week. The price comparison site made the comment after Zurich announced a 20% hike to the cost of car insurance. “Zurich’s announcement has not come as a surprise,” said Will Thomas, Confused.com head of car insurance. “It is anticipated others will follow [...]
The AA has told motorists to brace themselves for a sharp increase in motor insurance premiums. Research by the organisation found the average premium for comprehensive insurance has increased by 14% in the last 12 months, the biggest rise in 15 years. Simon Douglas, AA Insurance director, said consumers should expect to be hit by [...]
British drivers treat their cars as high security vaults, collectively storing an estimated £3.8 billion worth of gadgets and accessories in their vehicles, research by over 50s insurance specialist Saga has discovered. The study found that one in five (22%) motorists over 50 keep valuables worth more than £200 in their car. This exceeds the [...]
The AA has secured the accolade of Which? magazine’s top breakdown provider for the third year running. Customers polled by the consumer advice magazine gave the AA an average rating of 86% for customer satisfaction, level of service, and whether they would recommend the company to a friend. “Holding on to top position for three [...]
Drivers are paying over the odds on their car insurance because of a rising number of “unnecessary” personal injury claims and associated legal fees, the Association of British Insurers (ABI) said this week. The insurance industry body said soaring injury claims and associated legal fees have become a major issue for motor insurers, and are [...]
Car insurance premiums increased 3.5% over the past three months, research by the AA has discovered. The typical quote for annual comprehensive insurance cover now stands at £778.13, according to the AA British Insurance Premium Index. This is 11% more than 12 months ago. Home insurance premiums also increased in the second quarter, up 2.5% [...]
Sainsbury’s is offering 12 months car insurance for the price of ten this summer. Motorists taking an insurance policy with the supermarket financial provider before 31st August 2009 will receive 2 months cover free. Customers who take out the policy online will receive an extra 10% discount. Features of the policy include compensation for vehicle [...]
Motorists looking for a second-hand bargain should beware of conmen selling ‘ghost cars’. Criminal gangs are using well-known motoring websites to tempt unwitting members of the public into parting with their cash for cars that don’t exist, Carcraft warned this week. After they enquire about a vehicle, buyers are redirected to a different website and [...]
Over 300,000 UK motorists have downgraded their insurance cover to third party as the recession takes it toll on their finances. Meanwhile, an additional one million third party policy holders could no longer afford fully comprehensive cover even if they wanted it. The news comes despite the fact that more than a third (34%) of [...]
Many UK drivers treat their cars as cupboards-on-wheels, using them to store valuable goods including sat navs, books, glasses and sports equipment. Around 7 million motorists store items worth more than £200 in their vehicle, with 2.8 million of these storing items worth more than £400, recent research discovered. Youngsters and Londoners cite lack of [...]
One in ten UK adults will buy a second-hand car this summer, each spending an average of nearly £4,500. With 4.5 million drivers forking out cash for a used car between March and August 2009, the second-hand market could be worth more than £20 billion. However, this represents a 21% decrease in spending compared to [...]
Drivers who modify their cars can find themselves paying thousands of pounds extra in insurance premiums because insurers believe they are more likely to crash. A simple spoiler can hike annual premiums by as much as £700. Flared wheel arches and wings add almost £3,500 to premiums for a Ford Focus 1.6. Tinted windows, side [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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