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".
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In a move which is unprecedented in political and banking circles the deputy governor of the Bank of England, John Gieve, has criticised the Chancellor's prebudget report, released only two months ago, and the forecasts included within. He believes that the forecasts were overoptimistic (something which the opposition parties suggested on a number of occasions) and as such he was giving the UK pub...Read More
Is British Airways winning the battle against the Unite Union?
There is speculation in the financial press that the Unite union, the union which represents the vast majority of British Airways employees, is being ripped apart by internal wrangling. A number of UK newspapers have picked up on the fact that a group of activists involved in the negotiations with British Airways may well have "gone over the top" with their recent threat of a 12 day program of str...Read More
UK homeowners pulled into negative equity trap
A review of the UK property market may look promising for the short to medium term but for those who acquired properties back in the early 2000s the doom and gloom will go on. A report issued today claims that those who acquired property in the UK just prior to the 2007 peak in the market will remain in negative equity until at least 2014 with many struggling to cope with increases in energy bills...Read More
LDV saved in last-minute deal
The saga of LDV, the UK van manufacture, looks like coming to a successful close with the announcement of a takeover deal by Malaysian vehicle importer Weststar. The move has been assisted by the UK government which has been forthcoming with a £5 million bridging loan to give the takeover the best chance of being successful. This brings to a halt the ongoing pressure being applied to the UK autho...Read More
Who will be next to undermine Gordon Brown?
Only a few days ago we saw senior members of the Labour Party step forward in a direct attack on Gordon Brown's leadership with a request for a secret ballot. Yesterday, we saw Mervyn King step forward to place Gordon Brown's hopes for the introduction of "Tobin tax" at the bottom of the list of options for the UK financial sector. So who will be next to undermine Gordon Brown? There is no doub...Read More