Disparity between Female and Male Car Insurance Costs

Car Insurance CostsYoung drivers are the policy holders with the highest car insurance policies. However, in spite of this fact, the difference between insurance premiums for young male drivers and young female driver is rather significant. This is because of the fact that young male drivers pay twice as much for their insurance policies. As of a recent study, young male drivers aged 17-20 pay an average car insurance premium of £ 3,700. A young female driver of the same age, on the other hand, would be expected to pay a premium around £1,700 – £1,900.

Apart from gender, another factor that significantly affects your car insurance premium if your postcode. Now, the disparities of car insurance premiums for both male and female drivers located in London have been noticed to rise. This is because a young male driver from London will most likely receive an insurance quote of around £5,500 whist a female driver from the same location would just be expected to pay around £3,200.

According to a recent research based on more than 4 million car insurance policies collated for this very purpose, young drivers have been incurring annual increases on their policies for the past few years.

As revealed by the study, young male drivers in London have been incurring increases of up to 5.7% per year whilst drivers located in Manchester and Merseyside have incurred whopping increases of up to 10.6 %.

Last year, the average costs of car insurance policies have soared so high that the average car insurance policy cost was at £3,600. This was in spite of the fact showing that the accountability of young drivers as being the major reprobate players in car crashes has lowered. According to the figures revealed by the Department of Transport, young drivers stood accountable for 24 % in road deaths whilst figures in 2009 were 23% higher.

According to a car insurance expert who conducted the study, “As of December 2012, gender will no longer be a factor in assessing car insurance premiums., Hence, female drivers should brace themselves for the exorbitant increases that they will be receiving from then on. The study that we have here only highlights the disparity between the two genders.”

“Insurance companies and car insurance brokers still have some time to embrace the legislation. Yet with the current climate within the economy and expected increases in car insurance costs, this is the perfect time to make a move and try to save on your car insurance policy.”

22% of Drivers Do Not Know What Their Dashboard Symbols Represent

Car Insurance RatesRecently, there have been a lot of surveys and debates going on in order to relieve British motorists of staggering car insurance costs. With the several government-mandated changes in car insurance regulations, it is not surprising to find car insurance providers stepping up to help the government find a solution to this increasing social problem.

One of the largest car insurance companies in theUnited Kingdomhas added themselves to the roster of car insurance companies searching for an answer. According to their latest research, almost ¼ of their 1000 survey participants admitted to have no idea on what the symbols on their dashboard are.

The survey surveyed if the 1000 car insurance policy-holders were capable of identifying the signals and symbols on their car’s dashboard. A whopping 220 participants or 22 % confessed to find dashboard symbols and signals mind boggling.

Some of the signals and symbols that were included in the survey were the electric power steering symbol, the engine overheat symbol and the tire pressure monitor.

Unsurprisingly, the majority of motorists that were unsure of the symbols were female drivers. Next to the women were young male drivers. The most knowledgeable drivers of dashboard symbols and signals turned out to be the older male motorists.

On another note, drivers who only used the main insured car from time to time were more likely to be incapable of identifying dashboard symbols in comparison with the main driver. Also, the car insurance company found out that about 10 % of motorists only investigate a dashboard signal one week after it had first flashed.

This car insurance survey was also able to bring to light the fact that some motorists have trouble deciding on which symbol is which. The percentage of motorists that were not able to identify the fog light was at 8 % while the drivers that were not able to identify the rear window heater were at 6 %.

A representative of the car insurance company has highlighted the fact that, “As vehicles become more and more complex, the number of hazard lights and other symbols that appear on the dashboard also increases. It is significant to have every driver recognize these symbols and understand what it represents. This way if ever a warning signal will ever appear, the driver will be able to check it out immediately. Driving about on British roads with a fault can cause a lot of long-term damage to the car, to property and to innocent people. This will simply lead to increased and unnecessary car insurance claims”.

Source: http://www.cheapvaninsurance.co.uk/

Top 10 Locations that are Favored by Bogus Car insurance Claimants

Car insurance ClaimantsFraudsters who make false claims on their car insurance schemes have now become a huge issue because they are now hitting the rural areas as well. These schematic people who cause fake car accidents in order to make an insurance claim are not only an irritating actuality to car insurance providers, but they are also endangering the lives of other motorists.

In order to pull through their plan, the most common tactic that they use is to make unnecessary stops at busy round-abouts or slip roads. Hence, other motorists who are quietly making their way are being forced to crash into these schematic motorists.

Once the accident has been caused, these car insurance policy holders will then make bogus claims using fictitious information.

One online car insurance company has made an analysis to this recurring and progressing problem. And according to their research, they have now come up with the top 10 most preferred locations in theUnited Kingdomto carry out their fraudulent scams.

These are the top 10 car crash hot spots:

  1. North Orbital RdatLye Ln
  2. A406 Eastbound Junction nearAbbey Rd
  3. A5 Dunstable Rd Junction near B4540 Lynch Hill
  4. A40 Intersection or more popularly known as Hanger Ln Gyatory
  5. OldhamBypass &Manchester Rd
  6. BoltonM61 Junction Four
  7. Chester Rd,Birminghamnear the junctionHobs Hole Ln
  8. Woolston Grange Ave,Warrington
  9. A10 / A121 Roundabout
  10. A4177 Honiley Rdgoing towardsWarwick

The Head of Counter Fraud Operations at the car insurance company that held the analysis, Paul Hubbard, has mentioned that, “Fraudulent claims really do pose a huge risk to the public’s safety.”

“Apart from adding to car insurance costs, it is these fraudulent claimants that delay the pay-out on authentic claims because accidents need to undergo additional investigations.”

When further asked, he also said that “Our own investigation procedure lets us pinpoint the areas of concern and these top 10 rural areas are only a small; percentage of the data that represents the whole insurance industry.”

One main issue with false claims is that they do not only affect the car insurance company. They also affect honest motorists whose car insurance costs are going up because of these false claims.

According to the Insurance Fraud Bureau, they have estimated insurance companies to be paying out fraudulent car insurance claims at £ 350 million per year. If this is the case, honest customers have been shelling out £ 4 million per week to pay for these bogus claims.

Parents ‘Front’ to Save Money on their Offspring’s Car Insurance

Save Money on their Offspring’s Car InsuranceThe soaring car insurance premiums have forced parents to ‘front’ and break the law by falsely declaring that they drive their cars more than their offspring’s. This practice is often used by parents who want to help their sons or daughters save on their car insurance rates. Since car insurance rates are normally high for new drivers and students, the increases have affected everyone and are forcing people to go against the law.
The Financial Ombudsman Services who deals with complaints on financial services companies have announced that they number of ‘fronting’ cases have reached almost 50 within a single month. According to their spokesperson, “The largest portion of fronting cases that we have received concern people who have intentionally misled car insurers because of the eye-watering increases that have forced them into being ‘savvy’’.
The cost for a comprehensive car insurance coverage has risen to 40 %. This is according to the data gathered by AA Car Insurance. More so, the most affected motorists are the new drivers. Motorists aged 17-22 are paying an average of £2,400. This shows an increased percentage of 64 % per year.
Intentionally misleading car insurance providers is a grave offense. If caught doing so, financial and legal implications may occur. Also, the car insurance companies have the option of refusing to pay out in case of an accident. If a car insurance provider will refuse to pay out, the driver may be treated as an uninsured motorist and this will gradually lead to more grave and serious complications.
On another note, a recent market analyst report has come out saying that car insurance companies could do more to make policy-holders more aware of the pertinent risks.
Meanwhile, car insurance companies are doing their ‘best’ to handle the issue of unreasonable car insurance costs that have plagued young drivers. This is in accordance with their ‘black box’ policies. These policies rely on the installation of the black box into a driver’s car. It uses a satellite technology that is capable of monitoring driving behavior like acceleration and braking. Hence, the better the vehicle is driven: The lower the cost of car insurance.
There are already a growing number of car insurance companies that offer a black box installation. Some of these companies are Co-op, InsureTheBox and Young Marmalade. Also, according to their records, there have been an estimated 90 % of motorists that have received cash-backs after proving that they are not dangerous drivers. Hence, instead of parents fronting for their grown-up children, installing a black box can prove to be more effective than breaking the law.

 
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