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".
Women better behind the wheel
Nearly a third of men think that they are better drivers than women, despite both insurance statistics and scientific studies proving the opposite.In a survey of 4,000 British drivers, yesinsurance.co.uk reveals that 31 per cent of men believe they are better behind the wheel than women, with only five per cent of women believing this fallacy.Twenty-three per cent of men acknowledged that women we...Read More
Home insurance flood effort 'going well'
The government minister in charge of flood relief has received a progress report on the recovery effort from last summer's extreme weather.After speaking to the Association of British Insurers (ABI), John Healey said that home insurance firms' efforts were well on track.Three quarters of those forced into alternative accommodation thanks to flood damage to properties are expected to be back home b...Read More
Is this the end of payment protection insurance?
The FSA has today made a historic move by suggesting that UK banks and financial companies withdraw payment protection insurance for loans and credit cards. This brings to an end a very volatile period in the financial sector in which a number of its mis-selling scandals, involving payment protection insurance, were investigated and the original complaints on the whole were upheld.
PPI complaints soar at taxpayer funded banks
It has been revealed that taxpayer funded banks such as Lloyds TSB and Northern Rock have been receiving substantial complaints from customers regarding their PPI sales. This particular type of loan payment protection insurance has received significant criticism from both customers and regulators alike and the industry watchdog has already issued a number of warnings. However, Lloyds TSB, Northern...Read More
Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods....Read More