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.
Opening hours this Christmas at Financialadvice.co.uk
15/12/2014 Over the next couple of weeks our opening hours are set to change. If for any reason you still need to get in touch with us over the Christmas break, you can still ask us a question online, call us and leave a message or send us an email; one of our fully qualified financial advisers will get in touch when our offices re-open. Our Christmas opening hours are as follows: 1st-...Read More
Bank of England pours scorn on early recovery hopes
The Bank of England has today fuelled speculation that the UK economy is still some way off a solid recovery with expectations that the quantitative easing program could be extended beyond the £200 billion fund confirmed so far. This would indicate that maybe the Bank of England is aware of economic information which is not yet in the public domain? Only a few days ago the Governor of the Bank...Read More
Be careful of that last minute chase to save stamp duty costs
The end of the year sees the UK governments stand duty reduction come to an end with properties valued between £125,000 and £175,000 attracting a 1% stamp duty charge from 1 January 2010. Currently the UK government has exempted property purchases within this specific range in an attempt to try and inject some confidence and interest into the UK housing market.
While there is no d...
Post Office chain under threat
The National Federation of SubPostmasters has today issued a report on the Post Office network with claims that around 3,000 of the current 11,500 post offices could close in the short to medium term. The federation believes that an imposed wage cut will leave many post offices on the verge of collapse and impact upon many local communities up and down the country. This situation in the UK Post...Read More
Have You Protected Your Income?
A survey by the Yorkshire Building Society has laid bare the full hardship which many in the UK will experience if they were ever to lose their jobs. It seems that the vast majority in the UK are totally unprepared for the possibility that they may see their income disappear if they were unable to work. In a nightmare scenario it is forecast that the average Briton would only last 52 days in the...Read More