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Recent research has suggested that one in ten fail to take out travel insurance when travelling abroad. With the average medical claim being £2,500 and premiums costing just £20, travel insurance is good value. Women aged between 34-44 were the least likely to take out insurance. This research surveyed 2000 people and two out of five people admitted suffering an accident or food poisoning while on holiday, all of which are covered by insurance. |
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A report by Direct Line has said that penalties for driving without insurance are too lenient and do not motivate drivers to buy insurance. Under new government proposals drivers can be fined as little as £50, significantly less than buying car insurance. With insurance for young drivers costing as much as £3000, many drivers would rather risk getting their car seized than paying the insurance bill. It is estimated that there are 2 million uninsured drivers on the road.
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2008 saw the wealth of the average UK household fall by £31,000, or 12% thanks to the credit crunch and the recession. Falling house price reduced the UK's wealth by £422 billion and falling share prices reduced wealth by £393 billion. So far for 2009 wealth is regaining some lost ground – house prices are now stabilising and share prices have increased significantly since March and the FTSE 100 is now above 5000 points. The number of job losses have also began to slow. |
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The Land Registry have said that house prices in July were 1.7% higher than in June, the biggest leap in five years. However prices were 11.7% lower when compared year on year. This data is the latest to suggest that house prices are gradually recovering. The Land Registry did comment that housing transactions are still low and house prices may again stall. Terraced houses have been worst hit by the price decline with prices falling by 12.7%. |
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The Motor Insurers Bureau have estimated that one in five young people aged between 17 and 20 are driving without insurance. Insurance for this age group is the most expensive due to almost one in five being involved in an accident in their first year of driving. These figures are alarming especially as 10% of newly qualified drivers claim not to know that car insurance is a legal requirement. Being caught with no insurance can lead to the vehicle being seized, a large fine and eight penalty points. |
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