Mon 26 December, 2005
New Insurance Rate Scheme
Car insurance
rates are determined based on client locations. The State Insurance
Commissioner would like to see a change in how car insurance rates
are determined.
Factors
like driving record, miles driven and driving experience may be the
new factors that would go into determining the insurance rates. Similar
reforms have been passed by voters in 1998.
The new
system could be implemented as soon as July. (Source: kfmb.com)
Britons
set to take out £9.4 billion in car finance in the coming 4 months
Given
the huge figure, the reports also reveal that only about 38 percent
would do some market research to get the best deals. This means more
and more people would lap up the rates being offered and pay more.
Sainsbury
bank, that has come out with the above figures, says online quotes
are quickly accessible, and one can save over a thousand pounds by
reducing the APR rates by up to 38 percent.
According
to them, about 27 per cent of the new buyers would be taking
out a loan. Half of them are expected to cover between half
and quarter of the cost of the car. (Source: myfinances.co.uk)
