UK motor insurance premiums increase yet again
The AA insurance has today commented upon the state of the UK motor insurance market with a suggestion that the average comprehensive motor insurance policy is now costing in excess of £1000 a year. This is an increase of around 20% on the 2008 figure and is predominantly because of fraudulent claims and the damage caused by uninsured drivers in the UK.
All in all it is believed that UK motorists will face an additional £2.1 billion in insurance costs this year alone purely and simply because of these fraudulent claims and uninsured drivers. Despite the fact that the recession is still impacting upon many people around the UK, and indeed some people are considering downgrading or even cancelling their car insurance, the cost of insuring your vehicle continues to climb higher and higher.
In what is certain to become something of a vicious circle, a 20% increase in motor insurance premiums will almost certainly see more people taking the risk of driving uninsured which will yet again feed into the cost of insurance premiums in the future. Quite why perfectly legal and insured drivers have to pick up the bill for those who have decided not to take out insurance, which is illegal, continues to remain a mystery to many in the UK.
Budget Headlines : Trade credit insurance to be matched by authorities
Trade credit insurance to be matched by authorities...Read More
Check your insurance, Brits driving to Ireland are advised
Despite the travellers from the UK are able to drive freely in the Republic of Ireland using a British driving license, those heading across the Irish Sea with their cars should check the content of their motor insurance policies before travelling, one provider has advised.AA Ireland spokesman Thomas Brosnan has reminded motorists to check the extent of their cover before heading to the country.Wh...Read More
UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requ...Read More
Brits opt for home improvements every five years
According to the results of a recent survey, Brits splash out on home improvements every five years.A poll by Saga found however, that as many as a third of those questioned only expected home improvements like a new kitchen or bathroom to last them less than five years.The research found that one in three people (31 per cent) made changes to their home purely for cosmetic reasons, or to keep up w...Read More
Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insuranc...Read More