Lower Car Insurance With Telemetrics

Posted by admin under Motor News

According to The Co-Operative Insurance, Britain’s young drivers are being encourage to drive more safely, and as a result are benefitting from lower Car Insurance costs thanks to the introduction of Telemetric technology.

The statistics gathered so far indicate that approximately 35% of drivers are classed as “excellent”, with only 5% found to have poor driving, which may surprise many. Launched earlier this year, the Young Driver scheme measures a number of driving behaviours, including cornering and speed.

With scores from 1 to 5 (where 1 is poor and 5 excellent), those drivers you achieve consistently good scores benefit from discounts on their premium. To date 92% of female drivers have earnt a discount, as have 97% of male drivers.

Insurance Woes Following UK Riots

Posted by admin under Business Insurance, Latest News, Public Liability

It has been reported that insurers could be left seriously out of pocket due to business interruption (these are legitimate losses following a loss covered by insurance) claims not being met by the Metropolitan and Merseyside police forces. They believe that the Riot Damages Act does not cover these losses despite the fact that the claims account for approximately 40% of the total riot bill. It could be that insurers will be forced to take legal action but either way the knock on effect could potentially increase commercial insurance and liability insurance premiums for businesses already struggling in the current economic climate. There is also a real danger that customers who buy shop insurance or restaurant insurance for example, will cut corners or retract cover in the belief that “it won’t happen to them”. Simply put, whilst a client may cover their business stock and contents etc, which is fine, few realise the effect of not being paid whilst their premises are reinstated – which can take months or years. Similarly, there is a temptation to avoid public and employers liability insurance – this to can lead to the dramatic failure of a business and could even result in legal investigation if negligence is found to be proven against the owners. As there seems to be no end in sight of economic instability there is a distinct possibility that civil unrest could rear it’s ugly head again. With this prospect looming, business insurance customers ( including those shops that would consider themselves as non-target or low risk such as furniture shops, as demonstrated in London this year) would be strongly advised to review their existing insurance arrangements to ensure that they are robust and offer complete protection. If necessary, painful though it is, much consideration should be given to invest in additional coverage. It could prove to be an investment rather than a gamble. It would take a brave business owner to bet against it.

House Prices Affecting Insurance?

Posted by admin under Latest News

According to reports published by The Centre for Economic and Business Research, property prices could be 16% higher by the end of 2015.  Looking at the closer picture, it is predicted that prices will continue to fall for the remainder of 2011 but then increase as a property shortage will have a knock on effect. Interestingly, this could well lead to banks loosening their lending criteria.  Despite this it is still predicted that more and more young people will have no choice but to go down the rental market route. This is where landlords will be spoilt for choice when choosing tenants. Caution must be advised however as insurance companies are strict and charge higher prices for landlords insurance when allowing non-professional tenants to move in.This should leave fewer properties having to rely on unoccupied insurance policies that traditionally offer very limited cover but are comparatively expensive. The insurance Market will evolve to accommodate housing conditions but with so many insurers competing for the same business, let property insurance premiums will not change dramatically.