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".
Legal & General warns over allowing staff into homes
Allowing home help such as cleaners, gardeners and odd job men, into your house can pose a significant risk to security, a home insurance company has warned. Legal & General's survey of UK spending habits found that among the 41 per cent UK households which employ help, some 17 per cent use a cleaner. Meanwhile, seven per cent pay someone to help with their ironing, while 17 per cent delegate thei...Read More
UK taxpayers to make profit from asset protection scheme
The Asset Protection Agency, the agency in charge of the UK government's asset protection scheme, is confident that UK taxpayers could walk away with a profit from the scheme of anywhere between £5 billion and £6 billion. This is the scheme utilise by Lloyds bank and Royal Bank of Scotland which effectively insures their toxic assets and "puts a lid" on any potential liabilities in the future. I...Read More
Why paying your car insurance monthly could cost you an extra 40%!
A report by the AA has confirmed that motorists in the UK who pay their car insurance premiums monthly are paying the price in more ways than one. It has been revealed that some car insurance companies are adding up to 40% to the cost of a basic car insurance quote if the motorist decides to pay monthly. As a consequence the average annual car insurance premium of £778 (up 11% over last month) co...Read More
What Is An Underwriter? (Part Two)
Following on from part one of our article on underwriters, we hereby enclose details of how insurance underwriters operate.
When you take out any insurance there is always a risk that you will use the insurance to claim for a loss of some kind, whether it is the cost of refurbishing a home after a fire, a car accident, or any other form of financ...
Why has it taken 10 years to address the Equitable Life collapse?
It is difficult to appreciate how it has taken the UK government 10 years to come anywhere near answering compensation claims for the Equitable Life debacle back in 2000. Equitable Life was literally on the verge of collapse due to a number of retirement guarantees offered to customers which came back to bring the company to its knees. The company lost a high-profile court case which effectively f...Read More