The use of telematics technology to monitor the driving habits of young drivers has led to a 20 per cent fall in accidents, according to Co-operative Insurance. This could lead to a reduction in the cost of motor insurance for young drivers, which will be welcome news for many young people who are currently unable [...]
A new initiative by the insurance industry and the UK government should make it easier for older customers to find motor and travel insurance. The Association of British Insurers (ABI) has entered into an agreement with the UK Government and the British Insurance Brokers’ Association (BIBA), requiring insurers and brokers to refer clients to another [...]
Many motorists are increasing the voluntary excess on their motor insurance policies in order to keep the cost of the policy down, according to a study by Axa. However, if they have an accident, this can mean they are unable to afford the excess payment and are therefore unable to have their vehicle repaired. The [...]
David Cameron is attending an insurance summit at Downing Street today in an effort to tackle Britain’s reputation as “the whiplash capital of Europe”. It is estimated that claims for whiplash injury following accidents are adding £90 a year on average, to car insurance premiums, which have risen by an average of 17% over the [...]
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 [...]
Soaring motor insurance premiums have prompted an investigation by the Office of Fair Trading (OFT), which could lead to a Competition Commission inquiry into the industry. Car insurance premiums increased by 12 per cent between 2009 and 2010 and by a further 9 per cent in the first nine months of this year. The average [...]
The government has warned that car insurance premiums for female drivers could rise by £326 when a European Court of Justice directive comes into force in December 2012. It has launched a consultation on how the decision to ban gender pricing in insurance contracts will affect the UK. The ruling will mean that insurance companies [...]
The Association of British Insurers (ABI) today said that motorist should not be charged extra on their motor insurance for fitting winter tyres. The ABI’s members, which together account for around 90% of the motor insurance market, have confirmed that they will not expect motorists to pay additional premium if they fit winter tyres, provided [...]
AA Insurance has warned that uninsured drivers are being let off too lightly by the courts, even though they may be putting people at serious risk. According to the motoring organisation, honest drivers are being let down because uninsured motorists are being given fines and sanctions that fail to reflect the seriousness of the offences [...]
An insurance scam could have left around twenty thousand motorists uninsured according to a report by the BBC. ‘Ghost brokers’ are targeting young drivers who are struggling to afford high insurance premiums, as well as communities where English is not the first language and where residents may not understand how the UK insurance system works. [...]
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 [...]
Fully comprehensive motor insurance is cheaper on average for young drivers than third party cover, according to moneysupermarket.com. Research by the price comparison website found third party-only cover for an average driver under 21 costs £1,434 per year. This is compared to third party, fire, and theft at an average of £1,118 and fully comprehensive [...]
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 [...]
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 [...]
Saga is offering customers with breakdown assistance cover the chance to upgrade to a new policy that includes breakdown repair production. The over-50′s insurance specialist said the new policy covers customers for up to £500 for labour and parts if their vehicle is so damaged that it cannot be repaired at the roadside and needs [...]
Frugal householders that scrimp on home insurance to save money are playing a risky game, an industry expert warned this week. Graeme Trudgill, corporate affairs executive at the British Insurance Brokers Association (BIBA), said homeowners should not use the recession as an excuse to stop paying premiums on buildings and contents insurance cover. His comments [...]
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 [...]
The Office of Fair Trading (OFT) has declared that “time is up” for vehicle matching rogue traders who cost UK consumers an estimated £3 million a year. Last year, Consumer Direct, OFT’s advice service, received 1,600 complaints about vehicle matching scams, although the real number of victims is believed to be far higher. Victims are [...]
Motorists planning to drive overseas this summer should contact their car insurance provider before setting off, uSwitch.com has warned. Research by the price comparison site found that one in five (22%) drivers believe their car insurance provides the same cover abroad as it does in the UK. A similar number (18%) think that travel insurance [...]
Motor insurance firms are guilty of age discrimination, according to new research by Moneysupermarket.com. The price comparison site found that an average 17-year-old male will pay over £3,000 for a motor insurance policy - twice as much as an 18-year-old male driver. Young women drivers are subject to the same discrimination, with a 17-year-old female [...]
Insurers quicker to hike premium after offences
Insurance companies are becoming quicker at raising the price of motor premiums when the driver has committed an offence such as speeding or using a mobile phone, according to the AA. Insurers often used to ignore a first SP30 speeding offence, but it is now likely to result in the driver’s car insurance premiums increasing [...]
People waiting until 30 to buy first home
The average age of a first time buyer in the UK has increased to 30 according to research by Clydesdale and Yorkshire Banks. In the face of large mortgage deposits, a shortage of affordable housing and pressure on personal incomes, many potential house buyers have to wait longer before they can afford to take their [...]
Barclays Pingit extended to all banks
Barclays’ recently-launched Pingit app can now be used by customers of all UK banks and building societies. The app, which allows users to send and receive up to £300 between bank accounts, simply by entering the recipent’s phone number, has been available since February, but only to Barclays account holders. It reduces the need for [...]
NBNK submits new offer for Lloyds branches
NBNK Investments Plc, which was formed in 2010 to create a new British bank, has submitted a new offer to buy 632 Lloyds TSB branches from the Lloyds Banking Group. Lloyds is required to sell the branches under European Commission competition regulations. In December it named the Co-op Bank as preferred bidder for the so-called [...]
Firms mislead consumers with pension projections
The Financial Services Authority (FSA) is calling for pension and insurance providers to reduce the estimates of returns used when marketing their products. The regulator warns that firms are using over-generous forecasts which could be misleading for consumers. It wants them to reduce the estimates of returns on investment products by at least 0.5 percent, [...]
Mortgage fees and energy costs soar
Mortgage fees have increased by 27 per cent in just three years, according to new data from independent comparison site Moneyfacts. The average mortgage arrangement fee is now £1.502, which is £321 more expensive than it was in 2009. While residential mortgage rates have fallen over the same period, helped by a record low Bank [...]
Energy firms to reveal their best deals
The UK’s six largest energy companies will be required to write to their customers each year telling them if their current tariff is the cheapest one which meets their needs. Vulnerable customers, including pensioners and those eligible for assistance from the warm home discount scheme, will be contacted twice a year. The news, announced by [...]
UK on verge of economic recovery
The UK and German economies may have reached a positive turning point, according to the Organisation for Economic Co-operation, which just a couple of weeks ago said that the UK was in recession. The OECD’s latest forecast is based on its composite leading indicators (CLIs), which are trusted to reliably predict the economic outlook for [...]
Government may tax state pension at source
As part of its plans to simplify the tax system the Government may start taxing State Pensions before they are paid out. Pensioners whose taxable income, including their State Pension, exceeds their tax-free personal allowance, still have to pay income tax, although it is estimated that only 40 per cent of pensioners realise that their [...]
Black box technology improves young driver safety
The use of telematics technology to monitor the driving habits of young drivers has led to a 20 per cent fall in accidents, according to Co-operative Insurance. This could lead to a reduction in the cost of motor insurance for young drivers, which will be welcome news for many young people who are currently unable [...]
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