Insurers are being accused of discriminating against the unemployed after research by the BBC revealed that motor premiums come with an average 30% loading for those out of work.
The BBC asked three brokers for quotes for an employed office worker and followed up with requests for the same driver, once jobless.
The best deal was from Aviva where the premium soared only 23% with an unemployed status, whereas with one broker the difference was 63%.
Graeme Trudgill from the British Insurance Brokers Association told the BBC that unemployed drivers are considered less likely to maintain their vehicles than those in work and are also seen as a higher credit risk.
AA Spokesman, Ian Crowder, said that unemployed people may be distracted by their circumstances and are likely to be driving along unfamiliar roads and attempting to find specific addresses in search of job interviews.
He added that the long-term unemployed make more motor insurance claims and may be more easily temped into insurance fraud than their employed peers.
According to the Association of British Insurers, any additional risk associated with being out of work is a quantified factor supported by evidence.
State Farm on Friday announced an average rate hike of 2 percent that goes into effect April 30 for Minnesota motorists.
Motorists looking for cheap insurance quotes in the North Star State might see higher rates and premiums depending on the type of coverage they want, possible discounts offered, where he or she lives, the kind of car insured, who drives it and how much it is driven.
The insurer said in the statement that premiums for personal injury protection (PIP) will go up for most customers. Customers with liability and comprehensive coverage will see lesser increases and the extent of price hikes for collision coverage will vary for policyholders.
Reform of PIP and no-fault types of insurance is a hot topic around the U.S. In Florida, changes to HB 119 faced a rocky road through the state Legislature before being sent to Gov.
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The Association of British Insurers (ABI) has launched a political campaign highlighting the scale of flood risk faced by constituencies across England and Wales.
Quoting the latest Environment Agency flood data, the ABI claims that unfulfilled Government pledges to tackle the rising flood threat have left thousands of homes with a greater than 1 in 75 chance of flood in any given year.
Boston and Skegness in Lincolnshire is the constituency with the most homes at risk, followed by the Vale of Clwyd, Folkestone and Hythe, then Windsor.
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Ontario drivers are reported to have the highestr insurance premiums innada. Although prices did see a rise in 2011 (compared to the previous year), the increase slowed signifntly. This is likely a result of the Ontario reforms. Of course, there are a number of ways Ontariansn save on theirr insurance costs. Here, take a look and save some of your hard-earned money. Too small? .
According to the Independent Insurance Agents and Brokers of Arizona the senate bill 1165, which has been authored by Representative John Kavanagh, has been drafted to identify vehicles that have not reported the accurate vehicle identification number to the motor vehicle department of Arizona. The IIABA estimates that there are at least around 200,000 vehicles in the state that have not reported their accurate vehicle identification numbers. Though this is a small percentage as compared to the total number of vehicles in the state, the IIABA states that the number is significant enough to create ripples if the bill comes into effect.
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If you are currently a smoker, be prepared to pay more for your life insurance policy. While life insurance underwriters base your premiums on a variety of factors including your age, gender and lifestyle, people who smoke regularly usually pay at least 50 percent more than individuals who are smoke-free.
Insurance companies charge higher premiums to individuals who have health conditions or risk factors that increase their chance of death. No matter how old you are or whether you are male or female, smoking tobacco increases the risk of death.
While some insurance companies sympathize with smokers and allow a limited use of tobacco such as one cigar every now and then, any type of smoking will increase your life insurance rate.
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A new study from Quality Planning, a company that verifies policyholder information, provides strategies in identifying which customers insurers will benefit most from contacting while weeding out those who ditch their insurer regardless of the amount of phone contact.
The study, titled “Customer Contact Analytics: New Fuel for Bottom-Line Growth” analyzed 7 million policies from 2005-09 across several insurers.
The vast majority of top rated insurance companies regularly contact customers, but most insurers lack a scientific basis to determine which customers will respond best to such efforts, according to Dr. Raj
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With one in ten motorists regularly stressed behind the wheel, AXA has been looking into soothing techniques.
According to the insurers research, having a cuppa topped the motorists stress-busting list but is hardly an option when stuck in a traffic jam, being tailgated or feeling rushed.
More feasible is something that doesnt distract but can calm on touch.
Apparently, colours such as blue and green, scents such as ocean spray, and the touch of a soft material such as velvet, all have a calming effect so AXA went ahead and challenged a designer to come up with the ultimate in-car soother.
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