First it was all about producing straight, one-size-fits all Bananas and Cucumbers, next it was votes for prisoners.
- Now, Brussels’ latest idea requires insurers to change the way Car Insurance and Life Insurance premiums are calculated for women in the UK, in order to avoid ‘sex discrimination’ claims.
Surprise, surprise there is only one winner out of this situation and you’ve guessed it!
Its not the average UK male receiving a lower premium, it’s the insurance companies who could be able to charge higher premiums to female car drivers!
Essentially the EU are saying it is ‘unfair’ to charge different groups of people different prices for their insurances. The application of this policy decision will change how UK insurance premiums are calculated overnight.
Your immediate reaction may be – ‘will it really be that bad?’, but upon investigation this has several impacts on the British economy & its people:
1. The competitive advantage of female only insurers – such as Sheila’s wheels – could be wiped out, as they will longer be able to offer the extremely competitive rates for women
2. This ruling will require considerable change to how insurance companies’ most skilled employees calculate risk. At a time when large financial organisations are being asked to reduce the risks that they are taking, additional work to comply with mindless European regulation hardly seems a priority. In the same way that straightening that banana was ridiculous!
3. Thirdly and perhaps most importantly is the financial impact on households across the UK that may be put into deficit with increased insurance premiums.
It is this third impact that is of most concern, at a time when household budgets are already stretched to breaking point. For those who are unable to get to work using an alternative mode of transport (and we could blame Dr Beeching, Thatcher’s privatisations, New Labour’s ill-discplined use of tax-payers money amongst a whole host of government errors in the last 80 years or so) the car really is an essential of modern day life.
At a time when oil soars towards $200 per barrel, congestion charging schemes are being considered across the UK, parking costs have increased, an additional £50 per month spent on insurances (across cars and life) could make all the difference between managing existing debt commitments and starting to fall behind on repayments.
If you are starting to struggle with your debt repayments, it can be difficult to know where to turn. Here at Lewis Alexander we understand the struggles of the average working Briton and we seek to help anyone who has a regular income and a determination to improve their current financial situation.
Contact one of our debt management specialists on 0800 018 6868 and we can start to build up an understanding of your current commitments, the changes that are placing pressure on your household budgets and could start to work with you and your creditors to develop a solution to your financial headaches.
Our specialists are professional and will treat your case in the strictest of confidence. We do not charge potential clients ‘up front fees’ for our advice and always seek to provide the best solution for our clients, rather than tie them in to an unsuitable solution. Our ongoing services are chargeable should you proceed after taking our initial advice.
So, if your car insurance costs are rising and you are starting to struggle, give us a call today on 0800 018 6868 and we can see if we can help you start to improve your household’s financial health!
Motor or Car, Travel, Home and Life Insurance – Are you getting the best deals?
It never ceases to shock our financial advisors how many people actually are not aware that they may be able to get a better deal on their existing
- car insurance
- home insurance
- life insurance
or for any insurances they may be paying premiums.
- Insurance can be costly, but even more expensive if you choose the wrong product or type of cover.
For years, insurances of all types were mis-sold and nowadays it is correct to say that the insurance industry within the UK has been regulated and is monitored carefully by the respective authorities.
When you choose an insurance policy, it is not always clear which is your best option, therefore, the advice you get regarding the policies available is of paramount importance. A broker with access to all different policies made available through many different insurers can be one option for you to buy your insurance, another could be to go direct to one insurer and this way you would cut out any middle man fees, the problem being you will only be advised on the policies that company can offer, there may be a better policy with another direct insurance supplier.
- So what do you do?
- Do you call all of them or use comparison sites such as moneysupermaket or gocompare or even comparethemarket?
We would recommend using what we call a comparison broker, this way you feel it is fair to pay a broker fee if the broker explains the different policies available and in turn helps you to come to a sound decision.
When in personaldebt, it can be most important to consider every option available within your means to reduce your outgoings; this includes things such as motor or car insurance, home insurance and life insurance etc. Sometimes you can be pleasantly surprised at the savings you can make just by changing insurance company.
The average domestic car or home insurance policy will usually run for about 1 year, and then it will be ready for renewal. The industry and insurance companies change their policies so frequently that when it comes around again for you to renew, the products available could be very different and far more attractive than your last policy, 12 months is a long time in the insurance industry.
Please remember to shop about for the best deal, it is not always the one that is easily found, these companies use clever and expensive marketing tactics and campaigns to generate an enquiry from you, make sure you know exactly who you are dealing with and who will be supplying the insurance. For most people this information may sound basic but for many of us insurance is still an unknown but necessary evil!
For help and advice regarding any personal debt problems please contact our personal debt helpline in confidence using 0800 018 6868, our lines are open 24 hours a day and your call is free.
