Should there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK car insurance market especially?
It can sometimes be very difficult to understand how the insurance market works and indeed how the car insurance sector in particular operates. We hear news that legal drivers are made to pay the cost of illegal drivers in the UK with many of those even convicted escaping with relatively small fines. The insurance sector is in something of a no-win situation because the ever-growing increase in legal fees, to prosecute illegal drivers, is often borne by motorists who are fully covered by their insurance but if the insurance companies refuse to prosecute uninsured drivers what example does this give for the future?
Many in the UK believe that the courts should be tougher on uninsured drivers which would ultimately reduce the numbers and reduce the cost of prosecutions for the insurance industry as a whole.
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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
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Here at Financialadvice.co.uk, we understand how daunting it can be choosing how to save for your future, or the future of your loved ones. Our fully qualified, in house financial adviser, Andrew Gurton, has been talking to us about everything we wanted to know about over 50’s life insurance, from how it works to how it differs from saving plans.
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