When it comes to auto insurance, there is a lot of information available, but it’s hard for insurers and customers alike to know what to believe, what is a deception, and what is simply an urban myth. A recent study performed in the United Kingdom by eCar – an eInsurace Group serving more than 28,000 monthly insurance applications – found that women drivers are slightly more likely than men to alter the truth when they submit an auto insurance application. The study also showed that there has been an increase…
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The price of equality to women’s auto insurance premiums in the U.K.
Following a new equality regulation that prohibits insurers from using gender to help determine what a driver’s premiums will be, young female drivers may soon be paying more to compensate for the fact that being male can no longer be considered to be a risk factor. According to auto insurance brokers Adrian Flux, the new increased rates will begin as early as December 2012. It is at that time that insurance companies in the United Kingdom will no longer be able to benefit from an exemption that currently allows them…
Read MoreMore than half of U.K. motorist have serious gaps in their insurance coverage
The results of a recent survey performed by ALA, an independent insurance broker, has determined that over 75 percent of drivers in the United Kingdom do not have enough auto insurance to cover them if their vehicle were ever to be stolen or written off. According to the survey entitled “Mind the Gap”, the issue among British drivers is that 77 percent of them have not obtained enough coverage to match the value of their vehicle – or at a bare minimum, very affordable financing – should it need to…
Read MoreU.K. regulators claim aggregators putting consumers at risk
Insurance regulators in the United Kingdom have found some problems with several online insurance quote aggregators, raising concerns as to whether the companies responsible for these websites were treating customers fairly. The Financial Services Authority has found instances of compliance failure with websites dealing in home and auto insurance. The regulatory group has been reviewing this particular sector of the insurance industry for several months now in an attempt to curtail fraud. So far, 19 companies have been found as failing to adhere to regulatory rules. Investigators reportedly discovered failures…
Read MoreU.K. government clamps down on uninsured motorists
The United Kingdom has had a troubled past with uninsured motorists. The government decries the lack of insurance coverage as an unnecessary and dangerous risk. To combat the plight, the Department of Transportation has instituted a new system, which they are calling Continuous Insurance Enforcement. Drivers who fail to renew or otherwise obtain insurance coverage will have their vehicle clamped, seized and destroyed. The initiative has drawn outrage from the nation’s motorists. Motoring groups warn that innocent drivers will be at risk of having their vehicles taken away should they…
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