Having just seen the terms of the latest budget, it seems the Coalition is determined to continue the period of austerity with many pensioners facing increased taxes. This doesn?t seem a fair budget, loading up those who can least afford it with additional costs. The proposal to impose a minimum price per unit for alcohol can raise negative reactions too. And how do the trends in the insurance market help or hinder our financial progress? The first answer comes with the latest premium rate survey from the AA. In 2011, there was a 15% increase over the last 12 months. As from December 2012, this is going to get far worse as the equality ruling from the European Court forces a rise in premiums for women drivers. The hope comes from the growth in the telematics market. There?s increasing evidence the black boxes are being adopted by older drivers. In the first quarter of 2012, almost 15% of all car insurance policies sold were based on the new technology, and a recent survey shows almost 60% of drivers over the age of 55 are planning to switch. Given the hit many of the pensioners will be taking on the tax payable on their pensions, this could produce very attractive savings. As and when the rate rises for women are imminent, we can expect to see large numbers moving over. Why should this happen?
This gives the driver more direct control over the rates. The more safely we drive, the less we will pay. It?s ironic that this will almost certainly become the dominant form of policy because of equal opportunities. The technology ignores the sex of the driver. The sole measures are when, where and how the vehicle is driven. Some insurers literally charge drivers by the mile. Others operate a points system with more points consumed if you drive at peak times or late at night. One of the most interesting is offered by the Co-operative which judges your driving over a 90 day period and refunds a portion of the premium paid if you have driven well. Needless to say, if you drive badly, you have to pay more. As with everything connected to insurance, you should always get quotes and compare prices. Some older drivers and women may find no savings or higher premiums because of the terms of the telematics policies. Always do the arithmetic and work out whether you will be better off. In particular, look at what no-claims bonus you have and how big a excess you?re prepared to accept. That said, low mileage drivers will usually find there are features to the back box policies not available on the conventional policies.
We?re entering a time when there will be some confusion in the market. Even now, there are many products and choosing between them is not easy. Remember everyone is searching for cheap car insurance so keep talking with friends and monitoring sites like this with up-to-date news. Making the best decisions on car insurance rates without advice can be a challenge.
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