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".
BCC demands increase in VAT not national insurance
The British Chamber of Commerce (BCC) has today pleaded with the UK government to increase VAT to 18.5% instead of increasing the rate of national insurance contributions. Figures from the BCC suggest that the scrapping of next year's national insurance contribution increase would benefit businesses by £5.1 billion while an increase of just 1% in the rate of VAT would bring in around £4.5 billio...Read More
Insurance companies set to increase premiums across the board
As we have covered on a number of occasions, many insurance companies have "sneaked in" premium increases over the last few weeks when their sector has been overshadowed by that of the banking and mortgage industry. This constant increase in premiums has gone largely unnoticed but over the next six months, as UK consumers look to renew their policies, they will become all too evident.
Christmas comes early for some Norwich Union customers
UK insurance giant Norwich Union has this evening confirmed plans to return up to £40 million of unclaimed life and pension policy assets to over 40,000 customers. The move has received widespread approval as some of these unclaimed policies date back to the 1950s. The company is currently handing back over £1 million a month to customers who have either changed address or disappeared off the ra...Read More
New drink-drive survey shows greater female responsibility
Women have far more strict views on drinking and driving than do men, according to Diamond.The car insurance provider has released the results of its latest survey, showing that just one in a hundred women would hit the road if they had consumed between three and four units of alcohol - enough to put them over the drink-drive limit.Among men, this figure was one in ten.Moreover, over six in ten ma...Read More
Smokers warned to come clean with insurers
Smokers who lie to insurance providers are jeopardising the financial security of their dependents, it has been claimed. Research conducted by Onlyinsurance.com found that the premiums for non-smokers are frequently half the price of those charged of smokers. This is born out by the fact that a non-smoking 40-year-old pays an average monthly premium of £49.26 per month for critical illness cover....Read More