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".
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 motori...Read More
Can we prevent ID theft?
Over the last few years there has been a massive increase in the number of ID thefts occurring around the world with many people being left with significant debt by the fraudsters. Despite the fact that more and more people are now aware of ID theft it seems that many of us still believe it will never happen to us. Can we prevent ID theft? ID theft is basically the theft of your private details...Read More
Scottish Widows' £25m payout for critical illness
Scottish Widows has announced that it has paid out over £25 million on 774 critical illness policies for the twelve months up to October 2006, but warns that 16 per cent of claims were turned down. The most common claim is for cancer, which accounts for 61 per cent of claims, followed by heart disease and strokes.However of the claims that failed, 53 per cent were refused because people had not d...Read More
Equitable Life saga goes on
The Equitable Life nightmare goes on for the UK government with news that the Equitable Members Action Group (EMAG) has obtained permission to take the UK government to court amid demands for significant compensation. The near collapse of Equitable Life saw many policyholders lose a significant chunk of their retirement savings and even though this happened nearly a decade ago the UK government ha...Read More
George Osborne rejects EU bank insurance tax
Chancellor of the Exchequer George Osborne is today set to fight EU plans to introduce a bank insurance tax which would be charged against all banks operating in Europe and used to set up a fund to cover EU bank failures in the future. There is concern from within the UK government that the creation of a bank insurance tax administered by the European Union could encourage excessive risk-taking in...Read More