Car Insurance Roundup, March 15, 2016

Growth in telematics car insurance policies – Car insurance – News – Moneyfacts

Would you opt for a car insurance policy that monitored the way you drive? How about if it could save you up to 25% on your insurance premiums? Telematics car insurance policies can offer just that, and perhaps unsurprisingly, they’re growing in popularity as a result.

New research from the British Insurance Brokers’ Association (BIBA) shows that the number of telematics-based car insurance policies (including “black box” policies) has increased by 39% in the last year, with there being almost 455,000 live policies in December 2015 – up from 323,000 in December 2014.

The younger age group has been the key driver of this increase, and when you consider the potential cost savings, it’s little wonder – this form of car insurance can offer savings of up to 25% to those who can show they’re safe drivers, and BIBA’s figures show that younger drivers (who often find it difficult to find affordable cover) can save over £1,000 in the process. 

‘Fake car insurance dealers on the prowl’ – NewsDay Zimbabwe

Gumbo, in a ministerial statement to the National Assembly on Thursday, said there was a lot of corruption in vehicle insurance to the extent that the Traffic Safety Council of Zimbabwe (TSCZ) had experienced problems in collecting levies from third party insurance firms.

“Of late, the Traffic Safety Council of Zimbabwe has had problems in collecting the 12% levy from insurance companies, mainly because the industry has been plagued by fake insurance policies, while some insurance companies are not complying with the requirements to remit the money,” he said.

“Regrettably, the TSCZ has no garnishee powers to get the money from the bank accounts of defaulting insurance companies.”

The levy TSCZ gets from insurance companies is for road safety communication.

Gumbo said to ensure compliance, his ministry had consulted the Insurance Council of Zimbabwe (ICZ) to introduce electronic insurance cover notes. 

Government tax hike pushes car insurance prices higher with over-50s hit worst | This is Money

Car insurance premiums have increased 13 per cent in the past year to an annual average of £683, with over-50s drivers the worst hit, while ‘black box’ technology cuts costs for younger drivers.

According to market research from Consumer Intelligence, price rises have accelerated in the past six months due to a hike in the Government’s Insurance Premium Tax.

Last November, the standard rate of IPT – the tax paid each time an insurance policy is purchased in the UK – increased from 6 per cent to 9.5 per cent.  

Eighty-eight year-old victim of car insurance auto-renewal saves staggering amount by switching

Albert Denaro, who contacted price comparison, was a loyal customer of Saga for over ten years.

But the multi-billion pound company billed Albert £800 a year to cover the little Hyundai he only uses to pop to ASDA.

Last week, his son Dave noticed a renewals letter from Saga demanding his dad pay £930.50.

Albert’s insurance had been hiked by over £130.

For the new quote of £930, you could almost buy Albert’s car on AutoTrader.

“We didn’t know how much he was paying,” Dave, 54, explained. “When I saw it had gone up by over £130, I thought ‘I’m not having this’.

“It’s a lot of money and he was struggling to pay. I’m disgusted with them and so was my dad.” 

A New Article Presents The Advantages of Comparing Free Car Insurance Quotes

Comparing car insurance quotes is the most advantageous way of shopping for coverage. Clients can get information about various policies in a simple and time efficient way. It is always important to review multiple plans before making a decision. Online car insurance quotes are the tool that helps drivers get price information about top insurance offers in their areas. 

Insurance costs soar with Osborne set to hike prices AGAIN in 2016 Budget | Personal Finance | Finance | Daily Express

Older motorists – among the safest people on the road – have seen car cover leap by an average 15.3 per cent over the past year, adding an extra £40 to the cost of a policy, according to analysis by Consumer Intelligence.

The typical cost of a policy for over 50s is now almost £300 a year.

By comparison under-25s saw smaller increases of 9.3 per cent in the average cost of policies, partly offset by an increase in the use of telematic insurance, which rewards careful drivers with lower costs.

Across all groups costs have increased by an average 13 per cent to an average £683.

The jump in prices is largely a result of the Chancellor last year raising Insurance Premium Tax (IPT) from six per cent to 9.5 per cent, said the industry experts.

Ian Hughes, chief executive of Consumer Intelligence said: “Average motor insurance premiums are heading upwards at a rapid rate with the Insurance Premium Tax a major factor.” 

New Discount Car Insurance Rates Available to Florida Residents – Press Release – Digital Journal

Florida Quick Quotes has updated its online database to provide access to the most current low-cost coverage auto insurance in the state of Florida.

Cheaper rates and discounts can now be located using the website’s search tools. Users can easily enter a Florida Zip Code, click on the “Get Quote” button, and Florida Quick Quotes will provide listing on major insurance companies that offer Florida auto insurance discounts.

Quotes are available on each insurer’s website. Visitors can often find more inclusive policies at cheaper rates. Insurance prices change frequently and the site has been updated so users can simply enter their zip code to get a personalized rate.

Substantial discounts are available. It’s also easy to compare the quotes from each insurance provider as the process is fast and simple. Major Florida car insuranceproviders are in competition and offering residents discounted policies. Having the most comprehensive and affordable coverage assures peace of mind while riding and protects riders from liability should they be involved in an accident. 

Motorists will suffer if Osborne’s Budget has another insurance tax hike, says industry boss – Mirror Online

George Osborne risks driving motorists off the road with a second insurance tax hike in six months, warned an industry boss.

Mike Rogers, chief executive of insurer LV=, responded to rumours that the Chancellor will whack up insurance premium tax from 9.5% to 12.5% in tomorrow’s Budget to help balance the books. Rogers told the Mirror: “The more expensive you make car insurance the tougher it makes it to have a car.”

Osborne has only just increased the tax – charged on 50 million motor, home, pet and medical insurance policies – from 6%. 

Anbang Insurance: The Chinese Company You Never Heard Of That’s Trying To Take Over U.S. Hotels – Forbes

China’s Anbang Insurance Group is hungry for U.S. hotels ‒ and it’s rushing to take the next bite.

In February 2015, Anbang purchased the world-famous Waldorf Astoria in New York for $1.95 billion ‒ the highest price ever for a U.S. hotel, brokers told the Wall Street Journal. But, apparently, that was just the appetizer for Anbang, one of China’s largest insurance groups.

Over the weekend, news broke that Blackstone has agreed to sell Strategic Hotels & Resorts to Anbang for about $6.5 billion, just three months after Blackstone completed its acquisition of Strategic and its portfolio of 17 luxury hotels. In flipping all 7,921 rooms in the portfolio ‒ which includes facilities in resort areas such as Laguna Beach, California, and Jackson Hole, Wyoming, as well as major cities such as New York, Chicago and San Francisco ‒ Blackstone will make almost half a billion dollars morethan it paid, according to Bloomberg .

Then, on Monday, Starwood Hotels HOT +0.11% & Resorts announced that it had received a takeover bid from a consortium led by none other than Anbang, which tops an earlier offer from Marriott and could derail the $12.2 billion Marriott buyout that was to create the largest hotel chain in the world.

The Anbang-led consortium, which reportedly also includes private equity firms J.C. Flowers & Co. and Primavera Capital Group, values Starwood at $12.84 billion. 



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