Consumer fail to shop around for car insurance
October 25, 2007 by admin
Filed under News, News-Insurance
According to a recent survey carried out by Sainsbury’s, many consumers in the UK are failing to take the time to shop around for their car insurance, and in many cases end up paying considerably more than they have to for their vehicle insurance by going with the first quote that the get.
Sainsbury’s officials state that the cost of insuring a vehicle has been rising over the years, but an alarming number of consumers still won’t take the time to compare premiums in order to cut back on the cost of car insurance.
According to the research carried out by Sainsbury’s 20% of drivers in the UK obtained just one quote when they last bought vehicle insurance. It is advisable for consumers to obtain at least three quotes before making a decision on car insurance, as the cost of cover can vary dramatically from one insurance provider to another, and can make a big difference to drivers’ monthly instalments or total premium costs.
There are also a number of other factors that affect the cost of vehicle insurance, and some insurance professionals have been offering advice to consumers on how they can cut the cost of cover. In addition to shopping around for insurance cover, consumers can save money by opting for a smaller engine size and by cutting down on mileage.
For younger drivers the Pass Plus scheme is a good way to cut back on the cost of cover – car insurance for younger drivers has rocketed in price over recent years and can be extremely expensive, even at the more basic levels.
According to officials from Direct Line younger drivers that take the Pass Plus course after passing their initial driving test could benefit from around 35% off the cost of their insurance premiums, which could amount to a substantial sum based on the average premium for a younger make driver of £2000.
Tom Smith
25th October 2007
Abbey says 10% would fail personal finance exam
August 23, 2007 by admin
Filed under News, News-Banking
Research by Abbey Current Accounts released today reveals that 4.7 million British adults – around one-tenth of the total – would score less than 40 per cent in a simple financial exam.
On the day in which Britain’s 16-year-olds recorded record GCSE results, this group would achieve less than a grade C if the Abbey exam was graded according to GCSE standards.
It was not all bad news, however: 25 per cent of those who sat the exam scored the top “A-star” grade, with 30 per cent gaining an “A”. The remaining 60 per cent gained a “B”.
Commenting on the findings, head of banking at Abbey Steve Shore said: “While most people are in the realms of a GCSE pass, almost five million British adults would fail a simple personal finance exam. Quite worrying given we selected questions that we felt everyone with a bank account should know.
“Abbey certainly welcomes the government’s plans to introduce a much-needed personal finance element into the curriculum. We would also urge anyone who doesn’t understand something on their bank statement to contact their branch or a financial adviser.”
The survey polled 1031 British adults, who were each asked ten financial questions taken from past GCSE papers.
Questions included how long is given for users to pay back a credit card before interest is accrued, and what negative equity is.
