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.
Government backtracks on national insurance argument
The UK government, and especially Lord Mandelson, have this weekend backtracked on a number of allegations made against the business community in the UK. Lord Mandelson had been highly critical of many business leaders who signed a letter in support of the Conservative party's intention to reduce the proposed national insurance tax increase. The government appeared to suggest that business leaders...Read More
Barclays bank challenges PPI ban
It has been revealed that Barclays bank, along with Lloyds bank, is set to challenge the UK government's controversial decision to ban the sale of payment protection insurance when credit arrangements are agreed. The ban, which will come into force in October 2010, will see a cooling off period of seven days before any credit provider can approach a customer regarding the sale of payment protectio...Read More
Why Is Car Insurance Fraud On The Increase?
If ever there was a self fulfilling prophecy then the car insurance market may well be it!
A recent report by the Association of British Insurers (ABI) claims that car insurance fraud in the UK has increased by 70% over the last 3 years. As the cost of running a car continues to spiral upwards many drivers are being left with very few ways of paying off their debts. The fact that...
Is Fully Comp Cover Being Taken Away?
A quick look around the internet or a phone call to your local car insurance agent will give you the impression that Fully Comprehensive car insurance is still very much alive and kicking, but is it?
A survey by the Financial Mail has shown that slowly but surely insurance companies have been stripping away many elements of Fully Comprehensive cover that we all took for granted (and...
AA: Insurance premiums on the up
Car insurance premiums have risen by an average of £20 over the past three months, new AA data has shown.According to the firm's latest British Insurance Premium Index, young drivers have faced the sharpest rise in annual cover costs - and are now paying £45 more than they did in March.On average, car insurance premiums now cost £700 per year.Rises have also been registered for home buildings i...Read More