Latest Car Insurance News
Welcome to Expert Car Insurance News. Here you will find all the latest information concerning the motor insurance industry.
Posted June 2006
Coop Insurance leads the way in eco war
The Co-operative has recently introduced its Eco Friendly Car Insurance which is the first such policy in the UK. This follows their philosophy of ethical dealings whether it is in the banking, investment or insurance arenas.
Their plan is to help counteract some of the damage done by your car in its carbon-dioxide emissions through their insurance investment funds. They are looking to balance out up to 20% of their car insurance policyholders’ carbon emissions by investing in green projects such as reforestation of those areas worst hit by over cropping of trees, investing in existing and proposed renewable energy sources (like wind farms, wave power, solar power and renewable, carbon neutral, oil supplies and third world education projects aimed at teaching people the disastrous effects and short term nature of the benefits of slashing their nations’ woodland.
In appreciation of the motorist’s choice to use a car less harmful to the environment, Co-op insurance have introduced a discount for cars in the A band of car tax, which are cars registered on or after 1st March 2001 having carbon-dioxide emissions up to 100 g/km. This supports the government’s move to reduce the vehicle excise duty for these cars to zero. If you are wondering what your vehicle emissions are you can find that information on your V5C registration certificate.
The final piece in the eco friendly jigsaw is that Co-op has agreed with all its approved repairers that they will recycle all materials such as used oil and bumper substances which can be harmful to the environment if disposed of irresponsibly.
This is another step in the direction of rewarding the lesser polluting motorist, fast on the heels of More Th>n’s announcement of providing a car insurance discount to the owners of hybrid cars.
Posted June 2006
Observations and general visual skills impact on novice driver's accident rate
Car insurers like the Norwich Union have a strong financial incentive in terms of reduced claims and hence reduced car insurance premiums (and more business) to improve the accident statistics especially amongst novice and young drivers and have applauded new research from BSM. The biggest driving school in the UK has teamed up with Nottingham University to test a hypothesis that lower visual awareness skills and hazard perception go a long way to understanding the fact that inexperienced motorists have three times the accidents of experienced drivers.
The new three year study will cover the country, and use BSM’s driving simulators to train novice drivers to use their eyes to better effect and to gauge whether use of the simulators enhances on-the-road hazard perception and visual awareness. The university will be using eye-tracking technology (identical to that used by marketing analysts) to scientifically to check where novice and young drivers are actually concentrating while driving and how quickly they perceive potential hazards. Putting these two pieces of information together will give a thorough understanding of learner drivers’ visual abilities and as a result, produce driving lessons that pass on the awareness skills of the experienced drivers to the novices.
Skills that are underdeveloped in the novice are believed to include poor visual scanning of the road and surroundings ahead, a lower appreciation of activity in the areas of periferal vision and being ‘mesmerised’ by dangerous hazards, if only for moments, rather than reacting as soon as possible.
The teaching of such skills should considerably reduce the number of accidents suffered by inexperienced drivers, which will impact the trauma and car insurance costs that result.
Posted June 2006
Our illegal drug driver rate is amongst Europe’s worst says insurer
The leading car insurance company More Than says it's time to bring in
on-the-spot drug screening devices to dissuade the increasing numbers
of individuals driving under the influence of illegal drugs. Just as with
the breathalyser, which was introduced in 1967 as a roadside indication
of a driver’s blood alcohol level, there are now tests that use
a sample of a driver’s saliva or sweat to determine the presence
of many soft and hard drugs.
Their research showed that, despite 90% believing that drug driving was
unsafe, an astonishing 21% of the drivers polled had been behind the wheel
soon after taking an illegal drug and 38% of those believed that their
driving skills were not impaired by the drug. This opinion was not supported
by the fact that 7% of those admitting to drug driving said they had had
an accident whilst under the influence of the drug. It is clear that drugs
are seen as a lesser driving risk because 94% suggested they wouldn’t
drive while over the blood alcohol limit. This helps make us the worst
drug drivers in Europe.
The increasing rate of drug driving has implications not only in terms
of the potential number of drug related accidents, the trauma caused to
all those involved in these avoidable incidents and the direct financial
and physical impact on the victims but also the hidden cost of increased
car insurance premiums on all of us when insurance companies pay out claims
as a result.
Editorial: Is it possibly time for car insurance companies as an industry to
start considering the recovery of claims monies paid out as a result of
motorists knowingly driving whilst under the influence of drink or drugs, on
the basis that they have made themselves voluntarily uninsurable through
physical impairment? Would such a potential removal of assets be the
incentive required to bring the errant driver to reason?
Posted June 2006
Young drivers priced out of car ownership
Research has revealed many of the youngsters of driving age today are citing the ever increasing costs of running a car as the reason for delaying ownership, with over 40% of young people having denied themselves even the short step of obtaining a driving license.
As is the case with high house prices, young drivers between 18 and 25 are now considering purchasing a car with a friend, over 10% having given the prospect careful thought and a further 15% believing it to be a good way to split buying, running, and insurance costs.
The study by Direct Line found that 4 in 10 young drivers that do not own a car said that their income level was not sufficient to allow for the necessary outlay, 2 in 10 said that their university costs was the prohibiting factor whilst 1 in 10 said that debt was their biggest problem.
For those young drivers under 25 years old, especially males, car insurance can easily be above £1,200 in the first year before any no claims bonus is earned, before car tax, fuel and maintenance is considered. All of this added to the average purchase price paid by young drivers in excess of £4,200 makes a large hole in their budget.
Direct Line are continuing to assist young drivers that are additional drivers on their parent’s car insurance policy by building up a Named Drivers No Claim Bonus. This additional help is a complement for the 25% of young drivers that reported that their first car had been a gift from their parents.
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