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".
Wedding insurance can save the big day
With the cost of an average wedding having risen by around £2,000 a year in recent times to reach£20,000 in 2006, Marks & Spencer Money has said that wedding insurance is important should something threaten to ruin your big day.Liz Neild, media relations manager for Marks & Spencer Money, said the cost of an average wedding now is "frightening", but advised that wedding insurance could offer som...Read More
Barclays Bank turns down UK government insurance scheme
As expected, after a green light from the Financial Services Authority, Barclays Bank has today refused to join the UK government's toxic asset insurance scheme. Citing the massive charges levied against banks in the scheme, Barclays is more than prepared to go it alone after receiving a clean bill of health from the FSA.
While there is no doubt that Barclays Bank, much like the vas...
Uninsured driver claims starting to fall
For many years the problem of uninsured drivers in the UK has been a significant problem for the car insurance market. The Motor Insurers Bureau, which effectively looks after situations where uninsured drivers are involved in accidents, will this year take a £407 million levy from car insurance premiums, down from the £417 million figure last year. However, this is still a significant amount of...Read More
Legal and General shares hit by funding concerns
A report in today's Financial Times has upset investors in Legal and General with the shares falling to a ten-year low before recovering to close nearly 9% lower. The report in the Financial Times indicated the group was in talks with the FSA regarding an additional allocation of funds required to cover potential defaults on its bond portfolio.
The company has responded to the specu...
Specialist car insurance providers 'not always cheapest'
Female drivers have been warned that motor insurance policies from women-only insurance providers do not always offer the best value for money. Research conducted by price comparison site moneysupermarket.com found that women can often find cheaper deals by choosing a policy from a traditional car insurance provider. The site highlighted the example of a 30-year-old woman who is seeking insurance...Read More