The comparison website has linked rising car crime with rising premiums and found in areas of high crime a policy can cost over £250 more than in an area of low crime.
With the most vehicle crimes per household, the north-west and London are paying more for their car insurance compared with other regions in the UK.
On average, motorists in the north-west pay £844.74 and Londoners, £804.68 per year, an indication that crime, among other factors, may be keeping insurance premium rates disproportionately high, comparethemarket.com said.
Source
Wednesday, October 29, 2008
Wednesday, October 22, 2008
Motor insurance costs twice as much for young men
Research from broker AA Insurance shows premiums for newly qualified young male drivers have continued to rise, while they have been falling for women.
The AA has calculated the average quote for a 17-year-old man driving a three-year-old Ford Focus CL 1.4-litre five-door in Cambridge is £3,462, while the same quote for a 17-year-old woman is £1,810 – almost half the amount.
Once the same driver hits 21, the quote falls to £565 for a man and £333 for a woman.
However, the high cost of insurance is reflected in accident statistics, the AA said.
Source
The AA has calculated the average quote for a 17-year-old man driving a three-year-old Ford Focus CL 1.4-litre five-door in Cambridge is £3,462, while the same quote for a 17-year-old woman is £1,810 – almost half the amount.
Once the same driver hits 21, the quote falls to £565 for a man and £333 for a woman.
However, the high cost of insurance is reflected in accident statistics, the AA said.
Source
Wednesday, October 15, 2008
Getting the best deal with insurance comparison sites
In a recent review of 17 websites, the Financial Services Authority found "mixed evidence in terms of the clarity, fairness and accuracy of the information given to customers" and warned consumers to check the cover they are receiving is right for them, and not just at the best price.
The regulator said it will follow up its report with visits to the companies involved and test whether the information they provide to consumers is appropriate.
Price is certainly uppermost in people's minds when looking for insurance. A Datamonitor found price was the number one criteria for people looking for insurance in 2007. After being bombarded with advice from the media and consumer groups to shop around for financial products, clearly the message is getting through.
Source
The regulator said it will follow up its report with visits to the companies involved and test whether the information they provide to consumers is appropriate.
Price is certainly uppermost in people's minds when looking for insurance. A Datamonitor found price was the number one criteria for people looking for insurance in 2007. After being bombarded with advice from the media and consumer groups to shop around for financial products, clearly the message is getting through.
Source
Wednesday, October 8, 2008
Credit crunch lessons lost on Brits
Brits are ‘budgeting blind' through the credit crunch, according to new research from Norwich Union. Despite spending millions of hours researching financial products, most Britons have little idea about what more than half of their hard earned cash is buying.
The research shows that despite the growing list of high profile credit crunch casualties splashed across the headlines every day, Brits are failing to look after their own finances. The UK's largest insurer found that despite 53p in every £1 being spent on financial necessities such as insurance and mortgages:
72% don't know what type of mortgage they have (tracker, fixed rate, etc.)
67% don't know what their monthly mortgage payment is
78% don't know the interest rate of their mortgage
59% don't know the basic details of their contents insurance policy
One in ten (9%) don't know how much their utility or council tax payments are
The study also revealed that Britons spend 180 million hours each year researching essential financial purchases suggesting that the more time we spend researching our financial purchases, the less we know about what we end up buying.
Source
The research shows that despite the growing list of high profile credit crunch casualties splashed across the headlines every day, Brits are failing to look after their own finances. The UK's largest insurer found that despite 53p in every £1 being spent on financial necessities such as insurance and mortgages:
72% don't know what type of mortgage they have (tracker, fixed rate, etc.)
67% don't know what their monthly mortgage payment is
78% don't know the interest rate of their mortgage
59% don't know the basic details of their contents insurance policy
One in ten (9%) don't know how much their utility or council tax payments are
The study also revealed that Britons spend 180 million hours each year researching essential financial purchases suggesting that the more time we spend researching our financial purchases, the less we know about what we end up buying.
Source
Wednesday, October 1, 2008
Customer Satisfaction with Dealer Service for Four- and Five-Year-Old Vehicles Increases Slightly As Service Mix Continues Shift from Repair to Maintenance Work
Customer satisfaction with dealer service has increased slightly among vehicle owners, compared with 2007, in part due to a continuing increase in the proportion of maintenance-related service visits vs. repair-related visits, according to the J.D. Power and Associates 2008 Service Usage and Retention StudySM (SURS).
The study, now in its 12th year, measures customer satisfaction of vehicle owners who visit a dealer service department for maintenance or repair work during the fourth or fifth years of ownership, which typically represents the period after the manufacturer's vehicle warranty expires. Overall customer satisfaction is based on six factors (in order of importance): service initiation; service advisor; service quality; user-friendly service; service delivery; and in-service experience.
Overall satisfaction with dealer service among original owners of four- and five-year-old vehicles averages 866 on a 1,000-point scale -- up three points since 2007. Among the 34 dealer brands included in the study since 2007, nearly seven in 10 (68%) have improved since the previous year. Contributing to this increase in overall satisfaction is a shift in the proportions of repair and maintenance service visits since 2007. In 2008, 58 percent of customers report visiting the dealer for maintenance work, while 42 percent report visiting for repairs. In comparison, 54 percent of customers in 2007 visited the dealer for maintenance and 46 percent visited for repair work. Satisfaction is higher when customers visit the dealer for maintenance work (878, on average) than it is when customers visit the dealer for repair work (849, on average).
Source
The study, now in its 12th year, measures customer satisfaction of vehicle owners who visit a dealer service department for maintenance or repair work during the fourth or fifth years of ownership, which typically represents the period after the manufacturer's vehicle warranty expires. Overall customer satisfaction is based on six factors (in order of importance): service initiation; service advisor; service quality; user-friendly service; service delivery; and in-service experience.
Overall satisfaction with dealer service among original owners of four- and five-year-old vehicles averages 866 on a 1,000-point scale -- up three points since 2007. Among the 34 dealer brands included in the study since 2007, nearly seven in 10 (68%) have improved since the previous year. Contributing to this increase in overall satisfaction is a shift in the proportions of repair and maintenance service visits since 2007. In 2008, 58 percent of customers report visiting the dealer for maintenance work, while 42 percent report visiting for repairs. In comparison, 54 percent of customers in 2007 visited the dealer for maintenance and 46 percent visited for repair work. Satisfaction is higher when customers visit the dealer for maintenance work (878, on average) than it is when customers visit the dealer for repair work (849, on average).
Source
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