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.
The £500 million hidden car insurance cost
A report by comparethemarket.com has suggested that the UK drivers are being charged in excess of £500 million a year extra, just to cover the cost of those driving with no insurance. The figure works out at an extra £31 for the average cost of car insurance in the UK, something which law abiding citizens are some how forced to cover. But why?
As the figure is brought into the p...
Car insurance is cheaper online!
Hands up how many of us have never changed our car insurance company for years, or never even reviewed the potential premiums charged by other insurance companies.
If you're one of a growing band of people in the UK who are more than happy to stay with their current car insurance company without checking the competition then you could literally be losing out on hundreds of pounds of...
UK judge announces devastating ruling for PPI
While many banks and financial institutions had hoped to have seen the end of the Payment Protection Insurance (PPI) saga, a court ruling in South Shields yesterday has cast the industry into total and utter panic. Judge Jacqueline Smart ruled that a credit card holder, taking action against MBNA, was entitled to receive a rebate of her PPI payments because it appears as though MBNA failed to advi...Read More
Approval granted for UK's first Islamic insurance firm
Regulatory approval has been granted for the first ever specialist Islamic insurance provider in the UK, it has been announced. Principle Insurance has been cleared for business by the Financial Services Authority and will offer home insurance and motor insurance products. In keeping with Shariah law, the firm will not use interest and will shun investments in sectors that contravene Islamic princ...Read More
Is it sensible to reduce insurance cover in times of financial hardship?
Insurance cover is a subject which often arises during times of financial hardship such as many people in the UK are experiencing at the moment. More and more people are looking at the possibility or reducing their insurance cover in order to reduce their outgoings but does this really make sense?
The thing about insurance cover is the fact that while you may not use the cover in yo...