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".
Administrators not in a hurry to sell off Quinn Insurance
Grant Thornton, the official administrators of the Quinn Insurance empire, has today confirmed that while interest has been shown in the operations there have been no discussions with potential buyers of the business. The Quinn Insurance saga appears to be getting more complicated by the day with court action, comments from the administrators and comments from the regulators appearing to cast diff...Read More
Older people face insurance prejudice, says charity
Many older people who are healthy and want to travel are "frequently shown the door by ageist travel insurers" who will not cover provide them with cover, a spokesperson for the charity Age Concern has said. According to Age Concern, as many as 92 per cent of travel insurance policies impose upper age limits on who they will cover, and up to a third of people report having experienced age discrimi...Read More
UK banks fight back over PPI ban
Despite apparently agreeing to recommendations from the Competition Commission earlier this year, Barclays and Lloyds bank are today challenging the blanket ban on PPI (payment protection insurance) being sold alongside a number of financial products. Under the current guidance of the Financial Services Authority (FSA), UK financial companies have until 29 May to withdraw PPI policies from literat...Read More
UK home holidaymakers 'not taking out insurance'
Many Britons are not taking out travel insurance for their holidays within the UK - despite the risk of being left out of pocket.New analysis from Sainsbury's Finance shows the potential scale of the problem, by finding that 15 per cent of British adults have never gone abroad and that around 50 million domestic holidays are taken each year at a total cost of £10.9 billion.The firm suggested that...Read More
Convertible term assurance policies are similar to term assurance policies, as they have a known level of cover that will pay out in the event of death within a set time. However they also come with the option to "convert". This conversion option allows you to adapt your plan if your circumstances change. You can convert it to either an endowment assurance policy (provides a cash benefit when...Read More