Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 deaths and serious injuries each day, with premiums for youngsters subsequently rising as a result.According to the insurer, the cost of insuring young motorists has jumped by 22 per cent over the past three years, compared to just two per cent for all other drivers.CIS director of general insurance, David Neave, stressed that if the trend continued, a "whole generation" of drivers could become uninsurable."If this trend continues many young car owners will be unable to afford insurance and that will inevitably lead to a rise in the number of uninsured motorists on the roads and that would have major consequences for us all," he warned."The impact of serious road traffic crashes not only affects people's lives but also has a considerable affect on future premium levels," Mr Neave added, stressing that the industry had a "duty" to take action in order improve safety and to make insurance premiums more affordable for young, inexperienced drivers.CIS, which has teamed up with the road safety charity Brake to launch an education pack based on its earlier DVD, Too Young to Die, said that the new resource would help teachers run lessons for 15 to 21-year-olds, encouraging them to act responsibly on the roads.The initiative follows last month's call by the Association of British Insurers (ABI) for learner drivers to be given a minimum one-year 'learning period' before gaining their license in order to cut the number of road deaths.Giving evidence to parliament's transport select committee, ABI director of general insurance Nick Starling also argued that young, newly-qualified drivers should be subject to limits in regard to the number of passengers they are allowed to carry.
London Stock Exchange See Tough Trading Ahead
After being the subject of takeover and merger offers for the last few years it seems that the sustained period of growth at the London Stock Exchange (LSE) is now over. Clare Furse, the chief executive of the Exchange today announced that trading levels were down some 11% for the month of May so far and the value of trades was also under pressure.
The move seems to be the result o...
Has George Osborne pulled the rug from the FSA?
Rumours in the market suggest that George Osborne is on the verge of announcing major changes to the FSA (Financial Services Authority) which could see the Authority become a subsidiary of the Bank of England. Despite indications to the contrary only days ago it now seems that the Conservative party is trying to push through its initial plans to strip the FSA of its main status in the UK regulator...Read More
The Importance of saving for your child’s future
11/08/2014 According to figures released earlier this year, it now costs over £225,000 to raise a child to the age of 21 years. That’s a staggering amount don’t you think? Here at financialadvice.co.uk towers, where some of us are parents to one or more children, we were blown away by this amount. The study, which was conducted by the Centre of Economic and Business Research (CEBR), adv...Read More
Job satisfaction hits an all-time low
A report by the Chartered Institute of Personnel and Development has today highlighted concern in the UK employment market. The survey of 2,000 workers found that job satisfaction has hit an all-time low, especially amongst younger workers who appear to be more concerned about their prospects and their working conditions. It was also revealed that less than 10% of those surveyed have seen an incre...Read More
Why do store card rates continue to rise?
Despite the fact that UK base rates are still at 0.5%, since 2007 we have seen the rates charged on standard store cards remain fairly steady and actually start to trend upwards over the last 18 months. The average store card interest rate is now just over 25% which suggests a gross margin of 24.5%, although in reality the cost of finance for store card operators is significantly higher than 0.5%....Read More