The effect of the credit crunch on the UK has meant that all motorists are finding it increasingly difficult to cope with the costs of running and maintaining their vehicles. This is especially true for elderly motorists who have small budgets.

However, it is unfortunate that these drivers are facing high car insurance premiums because they are not using the internet to search for the best deals.

It is notable that the failure of those vehicle owners ,who are over 65 years old, to change their current insurance provider has seen them being hit with an average 10% increase in insurance rates over the last year.

If motorists take the time to conduct an online search they would find that there are a wide range of cost saving packages that can be found on price comparison websites.

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If you are planning to venture abroad with your vehicle, you should ensure that you have adequate insurance cover. Industry experts have warned UK drivers that there are some insurance policies that restrict the number of drivers that will be allowed to use the vehicle.

British motorists should also pay particular attention to the condition of their vehicles prior to leaving for their holidays. Driving on foreign roads can be a notoriously tricky business which is why insurance cover is of paramount importance. For instance, your car insurance policy might not cover you if your vehicle is involved in an accident or is stolen whilst you are on your travels.

Taking simple and basic precautions such as checking tyre pressure, battery strength and oil levels are tasks that should not be taken lightly. Additionally, you should focus on whether there are any chips or damage to your windscreen.

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With consumers facing increasing financial pressure from the current economic situation The Financial Services Association ( FSA ) is continuing to step up its fight against improper financial practices.

As a show of intent the FSA has imposed a massive £735,000 financial penalty on an insurance broker that the financial watchdog found had treated its customers unfairly.

Hasting Insurance was said to have cancelled over 4,500 insurance deals after a series of in-house errors had meant that the broker had issued inaccurate quotes. It was reported that the broker was attempting to remedy the fact that its customers were not paying enough. However, the FSA ruled that Hastings should have sought other alternatives to the drastic measures which resulted in the cancellation of its customer’s policies.

The FSA said that the insurance broker was not overly concerned with the interests of its customer but chose to focus on its own needs.

It was reported that the FSA could have forced Hastings to pay a financial penalty of £1 million, but Hastings agreement to an early settlement resulted in a reduced fine.

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The Yorkshire Building Society has conducted research which has revealed that the average person in the UK only has enough money to last them around 52 says if they fall into unemployment. The survey also showed that over 30% of those polled said that they would only have enough savings to last 11 days.

Approximately, 17% of respondents said that long term illness may result in either themselves or their partner being unfit for work in the future.

A building society spokesperson said that ,unfortunately, the research has revealed that consumers are trying to deal with the UK’s bleak economic situation, without having sufficient insurance cover. To make matters worse, economic experts are predicting that the UK will continue its apparent slide into a recession.

Consumers are advised to think seriously about obtaining employment payment protection insurance as this would help them to avoid the accumulation of serious financial debt.

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The Automobile Association has reported that the cost of car insurance premiums has risen by an average of £20 since April. The British motoring company which was founded in 1905, has produced a British Insurance Premium index which shows that the steepest price rises were reserved for young motorists. Young drivers are now faced with a whopping £45 increase in their annual car insurance bill. Data also shows that the average cost of motor insurance is £700 per year.

According to a senior AA spokesperson, car insurance costs are currently soaring to new highs. Unfortunately, the number of car accidents in the UK is on the rise and, although there has been a decrease in the number of fatalities, young vehicle owners are facing the heaviest financial penalties in terms of insurance premiums.

The AA also pointed out that the motor industry would have to increase its efforts to work with road safety campaign groups in order to ensure that young motorists used the roads with more responsibility. Safer driving leads to less accidents and cheaper insurance premiums.

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In a recently compiled report, the Association of British Insurers has claimed that the UK’s car insurance industry has been subjected to a 70% increase in insurance fraud over the last 3 years. The fact that car owners are facing financial pressure from the credit crunch has led to widespread increases in debt. The signs are that many motorists are becoming desperate to cut costs any way they can and it appears that making fraudulent car insurance claims represents a way of cutting costs.

The ABI has calculated that car insurance premiums have risen by an average of £40 due to the prevalence of car insurance fraud. Unfortunately, there are no signs that this trend will discontinue. So the car insurance sector is facing a repetitive cycle, where more drivers are making more fraudulent claims and in turn UK drivers are being forced to pay higher insurance premiums.

There is no simple solution to this problem. Car insurance providers cannot be held responsible for the activities of motorists and motorists cannot themselves be held responsible for the UK’s current economic decline. However, it is a vehicle owner’s responsibility to abide by car insurance legislation.

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Shopping giant Asda has launched what it calls a basic insurance plan to cover unexpected eventualities. The new insurance product which is termed ‘Asda Real Life Cover’ has been created with the assistance of insurance protection experts Lifesearch and Fortis. Consumers will be able to apply for an insurance policy that covers them for serious illness , loss of income and loss of life.

There is no limit to the amount of claims that policy holders can submit ,if their fund still contains enough money.

With the increasing financial pressures that have been brought to bear by the credit crunch it is important that consumers do not decline to apply for insurance cover or cease from renewing their current insurance policies

There is no need to put your nearest and dearest at serious financial risk by not taking out insurance. Research has shown that insurance protection product sales have fallen by nearly 20% in comparison to last year.

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Research carried out by Sainsbury Finance has revealed that a large number of British people are no longer bothering to ensure that they have adequate insurance cover for the holidays that they are taking in the UK.

However, those people who do not insure their holidays may find that they will end up paying a lot more than they bargained for.

Holidaymakers have often found that their travel plans have been interrupted by cancelled flights or the loss or theft of luggage. Obviously, if there is no insurance cover then the holidaymaker will not be able to recoup the monies they have already paid for flights or they will have to fork out a considerable sum of money to replace any goods. These types of incident are easily covered by the taking out of a good insurance policy.

A spokesperson for Sainsbury Finance said that holidaymakers should get into the practice of taking out insurance whether they are on a short break in the UK or if they choose to spend several weeks abroad.

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Young motorists are likely to pay twice as much for insurance than other motorists. However, the government’s introduction of the Equalities Bill which is aimed at preventing age discrimination ,could begin to have an impact on car insurers. It is estimated that young drivers across the UK pay a total of over £900 million more than other drivers.

Young drivers are encouraged to conduct extensive research prior to committing themselves to an insurance provider. Failing to do so could result in the payment of expensive premiums. Additionally, young drivers may face further financial expense if they live within high risk areas. This steep increase in car insurance costs has meant that in many cases young drivers cannot afford fully comprehensive cover. In some instances the cost of the cover far exceeded the cost of the vehicle.

Statistics show that although young motorists represent around 7% of the car insurance sector ,16% of vehicle related offences are caused by these drivers. As far as car insurance firms are concerned this provides ample reason for charging high premiums.

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As a homeowner you will have spent many years buying furniture and goods for your home, as well as acquiring your most personal belongings. But it is highly likely that your largest financial outlay would have been made when you purchased your home. So it is important that you take the necessary steps to protect your property with adequate home insurance. Additionally, you will find that mortgage lenders normally request that customers have building insurance as part of any mortgage package.

You may well believe that you will never be subject to a domestic disaster that could result in the destruction of part or all of your home so you don’t need to worry if you don’t have insurance or you allow your insurance to lapse. However, you cannot afford to take the risk. There are numerous tales of damage to homes that have been caused by fire, storm and flood damage. In light of these facts, it is surprising to know that up to a quarter of all UK homes do not have any form of insurance against these types of events. Quite simply,no insurance means you have no protection ,whatsoever, against financial loss.

Our SaveonBills comparison service will help you to find the best home insurance deal.

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