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.
Car insurance premiums show record rise
Despite the fact that the UK is suffering from a full-blown recession with money tighter than ever before, it seems as though UK car insurance companies are pushing premiums higher and higher. A report by the AA confirms that UK car insurance premiums rose by 3.5% over the last three months and a massive 11% over last year. When you consider that inflation has fallen towards zero over the last few...Read More
Insurance fraud hits record high
UK insurance fraud hit £840 million last year in the UK which was a 14% increase on the figure for 2008. While it is no surprise to see insurance fraud increase during recessionary periods, the amount of money involved is enormous and has surprised many experts. So what impact will it have upon the UK insurance market? The simple fact is that the more insurance fraud that occurs in the UK the...Read More
Insurance industry hovering over Royal Bank of Scotland
After last week's announcement that the EU commission will look to force Royal Bank of Scotland to dispose of its insurance interests, namely Churchill, Direct Line and Green Flag, many in the insurance industry are now rubbing their hands with glee waiting for the bargain of a lifetime. Despite the fact that the three well-known brands in the UK will probably go for around £5 billion to £6 bill...Read More
Is your garden insured for the increased risk of theft?
As crazy as it may sound there has been a significant increase in garden thefts since the recession hit home and many homeowners are finding they are severely under-insured. We are talking about thieves breaking into sheds and stealing expensive equipment as well as thieves stealing expensive shrubs, plants and even freshly laid lawns. So are you fully covered?
The vast majority of...
Quinn insurance in move to re-open UK arm
Quinn insurance, the Irish insurance company currently under investigation by the financial regulator, will today make moves to reopen its UK operation which was barred from writing new business last week. The move comes as founder Sean Quinn continues his battle with the regulator in an attempt to reopen parts of his business, which has struggled since intervention by the financial regulator....Read More