AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance.
This comes at a time when the AA has confirmed that UK car insurance premiums will rise by between 10% and 15% in 2010 with the majority of the increase caused by uninsured drivers causing accidents on the road. It would appear that slowly but surely we are seeing a polarisation between safe drivers and dangerous (and uninsured drivers) with many other insurance companies certain to follow the lead set by AXA.
Car insurance premiums have been on an upward spiral for many years now with the cost of covering uninsured drivers taken on by the industry and then spread out amongst insured motorists. Whether or not this is a fair allocation of the added expense associated with uninsured drivers is debatable but it is a trend which began some time ago and has ultimately led to a massive increase in car insurance premiums for "no apparent reason".
Bank of England faces dilemma
Yesterday's confirmation that the Bank of England MPC expects to retain UK base rates at 0.5% for the foreseeable future was not a surprise for the UK economic arena. However, a report expected next week is set to show that while inflationary pressure in the UK is growing in the short to medium term, the economic recovery is stalling. Against this background the Bank of England faces a very diffic...Read More
RBS share sale closes
RBS' latest rights issue is not likely to have sold well, reports suggest.The share sale closed yesterday, with the bank's stock at 55p and the sale price at 65p.This makes it unlikely that much of the stock will have been sold - which, in turn, increases the likelihood of RBS becoming majority-owned by the government.Under the terms of the £20 billion promised to RBS as part of the Treasury's re...Read More
Mortgage Rate Cuts Welcomed - Again!
News that more mortgage rates have been cut across the sector has been welcomed - again - by the consumer but are first time buyers really getting value for money? Are they really benefitting by as much as the mortgage providers would have you believe?
The latest companies to cut rates are Alliance and Leicester where their tracker mortgage rate has been trimmed by 0.55% to 6.19% on...
Royal Bank of Scotland ordered to sell off branches
In line with European Union state aid rules, Royal Bank of Scotland is rumoured to be on the verge of receiving a request to reduce the company's UK market share by around one sixth. The situation has evolved because of the significant state aid received from the UK government, something which was paid out before it was rubber stamped by the EU Competition Commissioner, and the market share the co...Read More
Brit holidaymakers hit hard by card theft
Over £200 million lost through stolen credit and debit cards
British holidaymakers are at increasing risk of their credit or debit cards being stolen or defrauded overseas. Over a third of all card offences committed against UK citizens are now taking place in foreign destinations.
Between 2006 and 2007, the amount of card crimes committed against Brits abroad...