The cost of petrol hit record highs this year, with the days of getting a litre for below a pound a distant memory. And while the cost of a barrel of oil has fallen recently, the reduction has not fully been recognised at the petrol pumps.
According to the AA, it takes four to six weeks for oil-price changes to filter through to the petrol stations.
When that happens, it will be good news for motorists but consumers are still battling a high inflation rate, reported to be 4.7 per cent in August and forecast by the Monetary Policy Committee to be nearer to five per cent this month.
'Scooters and mopeds can be a lot cheaper to buy, license and fill up with fuel,' says Berkhauer.
'From an insurance point of view, the price is dependent on the risk from you as an individual but it is possible to insure a moped for about £100.
'Insurance companies rate differently but some will actually offer a cheaper quote if you are not using the vehicle for commuting or for regularly travelling long distances.'
Source
Wednesday, October 29, 2008
Wednesday, October 22, 2008
Changes In Car Usage More Than A Health Benefit
In a recently released study, uSwitch reveals that a significant number of drivers are now cutting down on how many times they get behind the wheel. According to the price comparison site, 55 per cent of motorists are reducing the number of trips they make, with just over a third (38 per cent) of consumers now claiming to only use their vehicle for essential journeys. It was also revealed that 54 per cent of motorists are now looking to drive in a more economic manner, with about one in ten now part of a car-sharing scheme.
This, in turn, could help to manage other motoring-related expenses, such as road tax and insurance, as well as the likes of repayments on personal loans and credit cards, with greater ease.
Such moves, it was reported, come as drivers struggle with rising motoring costs and the overall effects of the credit crunch. At present, it was revealed that the cost of filling up an entire tank of petrol stands at "an eye watering" 66 pounds.
The study also showed that 15 per cent of drivers are now starting to do the journeys they would have done by car by bicycle.
For those looking for an effective means of switching to two wheels, getting using cheap loans may prove to be effective.
Source
This, in turn, could help to manage other motoring-related expenses, such as road tax and insurance, as well as the likes of repayments on personal loans and credit cards, with greater ease.
Such moves, it was reported, come as drivers struggle with rising motoring costs and the overall effects of the credit crunch. At present, it was revealed that the cost of filling up an entire tank of petrol stands at "an eye watering" 66 pounds.
The study also showed that 15 per cent of drivers are now starting to do the journeys they would have done by car by bicycle.
For those looking for an effective means of switching to two wheels, getting using cheap loans may prove to be effective.
Source
Wednesday, October 15, 2008
Are you paying more to go green?
While green car drivers may like to boast of the environmental credentials of becoming eco-friendly, there’s another strong incentive for thinking green - more cash in your hand. However, one aspect of going green may not offer the financial incentives you can enjoy from driving a more fuel efficient vehicle.
According to research from a comparison website, eco-friendly car insurance can cost over 105 per cent more than regular car insurance.
However, the message to drivers looking for a green car insurance policy is clearly to shop around. It could be a better option to take out the level of cover you require at the cheapest price with a more conventional insurer and then using the money saved to put towards an environmental scheme of your own choice.
Source
According to research from a comparison website, eco-friendly car insurance can cost over 105 per cent more than regular car insurance.
However, the message to drivers looking for a green car insurance policy is clearly to shop around. It could be a better option to take out the level of cover you require at the cheapest price with a more conventional insurer and then using the money saved to put towards an environmental scheme of your own choice.
Source
Wednesday, October 8, 2008
Australia's Suncorp reconfirms full year guidance
Suncorp-Metway Ltd, Australia's second-biggest car and home insurer, reaffirmed its full year earnings guidance on Thursday and said its funding programme was on track.
Suncorp-Metway, which is also Australia's sixth-biggest lender, said it expected high single digit growth in profit before tax and bad debts for is banking division, and an insurance trading ratio of 10-12 percent for its general insurance business.
Suncorp Chief Executive Officer John Mulcahy said in a statement that while the group's non-performing loans had historically been higher, its actual write-offs as a proportion of total lending had been around two-thirds of the average of the major Australian banks.
"We have no reason to believe that this percentage will not hold true during this credit cycle," Mulcahy said on Thursday.
He added that Suncorp was on target to achieve its funding requirements for the financial year ending, having raised over A$1 billion ($787 million) in private placements in the term debt market since June.
Source
Suncorp-Metway, which is also Australia's sixth-biggest lender, said it expected high single digit growth in profit before tax and bad debts for is banking division, and an insurance trading ratio of 10-12 percent for its general insurance business.
Suncorp Chief Executive Officer John Mulcahy said in a statement that while the group's non-performing loans had historically been higher, its actual write-offs as a proportion of total lending had been around two-thirds of the average of the major Australian banks.
"We have no reason to believe that this percentage will not hold true during this credit cycle," Mulcahy said on Thursday.
He added that Suncorp was on target to achieve its funding requirements for the financial year ending, having raised over A$1 billion ($787 million) in private placements in the term debt market since June.
Source
Wednesday, October 1, 2008
Insurer shows competitors' car quotes as well as their own
The UK's largest insurer has launched a brand new web and phone service that gives customers the prices and products of its rivals - even if they're cheaper.
Customers seeking a motor quote, will be offered new simple ways to check the insurer's motor policy and price against its competitors. They will also be offered the chance to check policy cover and feature details with over 140 other insurance providers in the market.
By giving people an instant service that benchmarks its policy against other providers, Norwich Union believes it will give customers confidence in the price and product it is offering.
David Tyers, director of marketing at Norwich Union, said: "The truth is no insurer is cheapest all of the time; the difference is we will tell customers when we are and when we are not.
"But clearly we hope that we will be competitive for many customers and we know, as a package, our motor insurance represents great value and people will choose to buy from us."
Source
Customers seeking a motor quote, will be offered new simple ways to check the insurer's motor policy and price against its competitors. They will also be offered the chance to check policy cover and feature details with over 140 other insurance providers in the market.
By giving people an instant service that benchmarks its policy against other providers, Norwich Union believes it will give customers confidence in the price and product it is offering.
David Tyers, director of marketing at Norwich Union, said: "The truth is no insurer is cheapest all of the time; the difference is we will tell customers when we are and when we are not.
"But clearly we hope that we will be competitive for many customers and we know, as a package, our motor insurance represents great value and people will choose to buy from us."
Source
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