Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 deaths and serious injuries each day, with premiums for youngsters subsequently rising as a result.According to the insurer, the cost of insuring young motorists has jumped by 22 per cent over the past three years, compared to just two per cent for all other drivers.CIS director of general insurance, David Neave, stressed that if the trend continued, a "whole generation" of drivers could become uninsurable."If this trend continues many young car owners will be unable to afford insurance and that will inevitably lead to a rise in the number of uninsured motorists on the roads and that would have major consequences for us all," he warned."The impact of serious road traffic crashes not only affects people's lives but also has a considerable affect on future premium levels," Mr Neave added, stressing that the industry had a "duty" to take action in order improve safety and to make insurance premiums more affordable for young, inexperienced drivers.CIS, which has teamed up with the road safety charity Brake to launch an education pack based on its earlier DVD, Too Young to Die, said that the new resource would help teachers run lessons for 15 to 21-year-olds, encouraging them to act responsibly on the roads.The initiative follows last month's call by the Association of British Insurers (ABI) for learner drivers to be given a minimum one-year 'learning period' before gaining their license in order to cut the number of road deaths.Giving evidence to parliament's transport select committee, ABI director of general insurance Nick Starling also argued that young, newly-qualified drivers should be subject to limits in regard to the number of passengers they are allowed to carry.
Bond yields fall amid concerns of double dip recession
The yield on 10 year government bonds fell to record lows yesterday in the UK amid signs that the UK economy is poised for a significant downward turn. This is the latest knock on effect of recent comments from MPC members in relation to a possible double dip recession in the UK. As a consequence, Bank of England growth forecasts for 2010, 2011 and beyond are now being called into question. Gov...Read More
Madoff compensation scheme ruling expected
A judge in the UK is set to rule on a potential compensation scheme for those investors involved in the Madoff Ponzi scheme which spectacularly collapsed back in 2008. The court-appointed trustees are in the process of recovering assets on behalf of Madoff investors although there is some debate as to whether those who withdrew more money than they invested should share in any potential compensati...Read More
Do I need a credit card?
If there is one area of personal finance which has caused hardship for millions in the UK, aside from mortgages, it has to be the credit card industry. In the boom times many consumers in the UK used their plastic friends to increase their spending capacity with the idea that they would pay off any outstanding balance at the end of the month or else gradually pay off their short-term debt without...Read More
Homeowners warned to consider Christmas fire risk
Homeowners have been urged to consider the potential danger for an accident when putting up Christmas lights on their home.While those who go overboard with Christmas lights and decorations will not have their home contents policy affected in any way, Halifax Home Insurance said, they do need to ensure that simple safety tips are followed in order to minimise the risk of fire.David Rochester, head...Read More
How often should you speak with your financial adviser?
Financial advice is a very tricky subject and one which many people have differing views on. How often should you speak with your financial adviser? Do you really need a financial adviser? Is it possible to look after your own financial affairs?
The bottom line is that when you have an important investment decision to make you should always take advice from appropriately qualified p...