UK Insurance News

Insurance company AXA UK say they are ready to make up to 500 people redundant through restructuring the business, as it enters the next phase of creating it’s new business model with the creation of eleven strategic business units.

AXA Ireland has already announced plans to cut 120 jobs in an effort to reduce its cost base. The company expects to make a combined annual saving of £80m in three years.

A statement from AXA says;

“As a result up to 500 redundancies are expected to be made within the support services and related functions subject to consultation. The company will manage the process with sensitivity to limit the number of compulsory redundancies where possible by focusing on reducing headcount through natural attrition, redeployment and more efficient use of contractors.”

If you are planning to drive your UK registered car in mainland Europe, it is worth checking with your insurance provider to make sure that you have adequate cover.

Even some fully comprehensive policies only offer the minimum requirement of cover for the particular country that you are visiting, this is often a standard third party cover. It is well worth clarifying the situation with your insurer before you leave the UK and it is worth taking out breakdown cover too.

In Spain for instance it is illegal to tow broken down or damaged cars on the roads unless they are being moved by a breakdown truck, so it is worth also making sure that you have roadside assistance in place to make your travelling less stressful.

It is also recommended to check out the legal requirements for motorists in whatever countries you plan to visit. For instance, in Spain it is necessary to carry a high visibility safety vest for both driver and front seat passenger and these must be worn if you need to get out of your car in the event of a  breakdown.

Check the AA website for compulsory equipment when driving on the Continent.

Would you consider buying and driving an electric powered car?

That was the question posed by motor insurer esure when they commissioned their survey to find out just how ‘green’ we are as a motoring nation.

Aside from the ‘green’ issue, simple econmomics enter the equation, with rising costs of fuel and city congestion charges to be taken into consideration.

The survey shows that 71% would be prepared to make the change from petrol to electric, surprisingly rising to 81% amongst the under 25’s. Equally surprising is the fact that only 66% of over 55’s would be in favour of the switch.

The survey also revealed that rising costs have forced motorists to change their attitudes towards driving and the vehicles that they use, with 17% claiming to be considering changing to a more economical vehicle.

Esure’s head of risk and underwriting Mike Pickard says, “Although there is clearly a demand for electric cars, the only way for them to become a viable option is to have a sufficient infrastructure in place, There should be enough plug-in points across the country and a greater choice of make and models to choose from .”

Greenbee.com, the finance and leisure arm of the John Lewis Partnership is to expand it’s current offerings in the insurance market by introducing motor insurance, in conjunction with Fortis, the UK’s third largest car insurer. 

Greenbee.com currently offers home, travel, life and wedding insurance.

Greenbee Car Insurance will be available for all the usual risk variations, but comprehensive cover will offer the added benefits of a standard no claims bonus, ranging up to 75%, windscreen cover and a courtesy car during accidents and repairs.

The policy will also offer up to £10,000 of personal accident cover and 90 days of cover within Europe. The company says it will provide competitive prices and a high quality service, in keeping with the John Lewis promise.

Tesco have launched a new car warranty scheme through the insurance arm of it’s Tesco Personal Finance division.

The supermarket giant are offering three levels of warranty, Value, Standard and Finest, with monthly premiums starting at £9.90. The warranty offers cover for parts and labour for unexpected mechanical, electrical and electronic failures.

To qualify for the warranty your car must be under ten years old and have under 100,000 miles on the clock.

Tesco have done their homework, with surveys showing that 50% of motorists expected to keep their cars for longer than expected unless the economic outlook changes rapidly.