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.
Has Gordon Brown made a big mistake with the national insurance increase?
Despite various attempts by the Labour Party to take the subject of national insurance off the headlines over the last few days there is no doubt this is becoming something of a major issue. The Conservative party is adamant that the increase in national insurance contributions is actually a tax on jobs and is hounding the UK government this weekend. It is also becoming evident that this is having...Read More
Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than t...Read More
HM Revenue and Customs announces national insurance holiday
HM Revenue and Customs have today announced a surprise national insurance holiday for new companies in the UK in areas of the country likely to be hardest hit by the reduction in public-sector investment. Those who are eligible for the national insurance holiday will be able to claim relief for the first 10 employees they hire in their first year of operation. HM Revenue and Customs believes that...Read More
FSA orders banks to review PPI complaints
While payment protection insurance (PPI) will soon be a thing of the past, the Financial Services Authority (FSA) has today ordered UK banks to reopen complaints which were rejected in the past. There is concern that a number of UK banks may well have operated under substandard complaint procedures with regards to PPI and those who have been refused payouts in the past may well be in line for a mo...Read More
UK pet insurance sector leads the way
A report from research firm Datamonitor has confirmed what many already knew, that the UK pet insurance sector is literally leading the way round the world. We are seeing more and more complex operations carried out throughout the UK, often putting many of our worldwide competitors to shame. This has resulted in a significant increase in the UK pet insurance sector which is forecast to grow to aro...Read More