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".
Pet policy disputes rise by 60 per cent
After the Financial Ombudsman Service (FOS) reported a massive rise in complaints about pet insurance policies last year, experts are urging that owners read the small print to check that their animal is adequately covered.The majority of the cases called were found in favour of the insurers because policyholders had failed to disclose pre-existing conditions.FOS spokeswoman Emma Parker told the T...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
Insurance industry 'can stay competitive'
Insurers can ride out the current difficulties facing the industry as costs rise, with the consumer set to benefit.That is the message from the Association of British Insurers (ABI), which says that soaring costs to the tune of 75 per cent in bodily injury claims since 2000 and 66 per cent in accidental damage claims can be negotiated.Speaking to BBC Radio 5 Live's Wake Up To Money,...Read More
PruHealth criticised following 'change in terms'
The "free gym" health insurance offer from PruHealth is to change its terms and conditions, the Guardian reports.Previously, the cover allowed policyholders to build their "Vitality status" through repeated gym visits, which led to discounted and eventually free memberships.However, the firm is now changing to an entirely points-based system, through which customers can only build their vitality t...Read More
Foreign car claims driven up
The number of insurance claims made against foreign vehicles by motorists in the UK has risen by 15 per cent over the last two years, according to new research.The Motor Insurers Bureau (MIB) reports that the amount of car insurance claims against cars from abroad now stands at 19,621, while the figure was just 17,032 two years ago.Following this news, uSwitch.com has said that it is increasingly...Read More