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".
Home insurance flood effort 'going well'
The government minister in charge of flood relief has received a progress report on the recovery effort from last summer's extreme weather.After speaking to the Association of British Insurers (ABI), John Healey said that home insurance firms' efforts were well on track.Three quarters of those forced into alternative accommodation thanks to flood damage to properties are expected to be back home b...Read More
Legal action launched over air passenger duty
Tour operators have launched "substantial" legal action over the government's air passenger duty (APD), claiming that the levy breaches international aviation agreements.APD, which ranges between £10 for European economy flights to £80 for business class long-haul flights, was doubled earlier this month following an announcement made in the chancellor Gordon Brown's pre-Budget report last Decemb...Read More
CI insurance needs customer trust back
The critical illness (CI) insurance industry needs to rebuild consumer trust, claims Defaqto, after finding that consumers have felt let down over the last year.Defaqto says that CI insurers need to pull together as a whole to ensure that the British public can regain trust in the CI industry after a lot of bad PR over failed claims has appeared in the news recently.Although many rejected CI claim...Read More
Alastair Darling defends his national insurance increase
Chancellor of the Exchequer Alastair Darling has today again defended his move to increase national insurance in 2011. This comes after the Conservative party announced a partial U-turn on the proposed increase by the Labour Party with those earning less than £45,400 a year to be protected from an increase in national insurance tax. The Labour Party has hit back with suggestions that the Conserva...Read More
Young drivers lack basic car know-how
Young drivers fork out £140 million every year in car maintenance due to their lack of basic mechanical know-how, new research suggests.According to the study carried out by Direct Line, half of all drivers under 25 do not know how to jumpstart their car or replace a tyre, compared to 25 per cent of drivers aged 45 or over.Nearly one in three admitted to paying to have their oil changed, while 25...Read More