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".
Why Is Car Insurance Fraud On The Increase?
If ever there was a self fulfilling prophecy then the car insurance market may well be it!
A recent report by the Association of British Insurers (ABI) claims that car insurance fraud in the UK has increased by 70% over the last 3 years. As the cost of running a car continues to spiral upwards many drivers are being left with very few ways of paying off their debts. The fact that...
Insurance cheats are putting lives at risk
While figures from the Insurance Fraud Bureau confirmed there has been an 11% reduction in so-called "crash for cash" crimes on the roads of the UK there are concerns that fraudsters and crooks are targeting specific areas of the UK. The so-called "crash for cash" scam involves fraudsters and crooks staging a variety of traffic accidents often involving innocent drivers, which have resulted in sig...Read More
Homeowners in line for £60 million PPI mortgage insurance refund
The Financial Services Authority (FSA) has today announced a new initiative which will see mortgage companies pay back up to £60 million to consumers who are being impacted by changes in mortgage PPI schemes. It was revealed that a number of companies have in fact increased the premiums associated with mortgage PPI arrangements while at the same time reducing the cover available as they became mo...Read More
Swinton insurance hit by regulator censorship
Insurance broker Swinton has today revealed a £770,000 fine from the Financial Services Authority (FSA) in relation to techniques used to sell Payment Protection Insurance (PPI), one of the more controversial insurance policies of late. It has also been revealed that Swinton will be repaying PPI premiums to 350,000 customers who automatically had PPI added to the cost of their insurance during a...Read More
Brits are car insurance deal detectives
The results of new research indicate that most Brits are bargain hunters when it comes to choosing a suitable car insurance deal.A study conducted by the Fair Investment Company 57 per cent of those UK motorists quizzed named price as the most important element of securing cover on their vehicle.The level of cover was deemed much less important, with only 19 per cent viewing it as the crucial aspe...Read More