UK motor insurance premiums increase yet again
The AA insurance has today commented upon the state of the UK motor insurance market with a suggestion that the average comprehensive motor insurance policy is now costing in excess of £1000 a year. This is an increase of around 20% on the 2008 figure and is predominantly because of fraudulent claims and the damage caused by uninsured drivers in the UK.
All in all it is believed that UK motorists will face an additional £2.1 billion in insurance costs this year alone purely and simply because of these fraudulent claims and uninsured drivers. Despite the fact that the recession is still impacting upon many people around the UK, and indeed some people are considering downgrading or even cancelling their car insurance, the cost of insuring your vehicle continues to climb higher and higher.
In what is certain to become something of a vicious circle, a 20% increase in motor insurance premiums will almost certainly see more people taking the risk of driving uninsured which will yet again feed into the cost of insurance premiums in the future. Quite why perfectly legal and insured drivers have to pick up the bill for those who have decided not to take out insurance, which is illegal, continues to remain a mystery to many in the UK.
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As the UK consumer continues to be squeezed from all sides many people are looking at their insurance policies and investigating if any money can be saved in this area. However, insurance is something which offers a very valuable backdrop in the event of unforeseen circumstances and savings in this area can actually be counter-productive in the longer term. While car insurance is legally required...Read More
Don't automatically renew your travel insurance
Many people across the UK automatically renew their home insurance, car insurance and travel insurance for example without ever considering the consequences. Aside from the fact that many do not even consider looking around for better rate, what is the point of renewing your travel insurance if you do not have a holiday booked this year or next?
While it may sound crazy to the vast...
Small business insurance costs set to rise
Just when those in the small-business market thought it could not get any worse the indications from the insurance market are for a sharp increase in premiums this year and next year. At a time when business has never been as bad, income for many has disintegrated and the financial woes of trading in a recession are catching up, an increase in insurance premiums will be the final straw.