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    China ‘plants pretty young women at public meetings MPs attend to try to glean UK secrets from them’

    China ‘plants pretty young women at public meetings MPs attend to try to glean UK secrets from them’

    China menacingly warns UK will ‘face consequences’ if it doesn’t approve mega-embassy

    China menacingly warns UK will ‘face consequences’ if it doesn’t approve mega-embassy

    Brits warned of tax rises & spending cuts ahead of Rachel Reeves’ Budget – after she is slammed for ‘killing growth’

    Brits warned of tax rises & spending cuts ahead of Rachel Reeves’ Budget – after she is slammed for ‘killing growth’

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    Nigel Farage DITCHES £90billion tax cuts plan in bid to be more trusted on the economy

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      Ofcom backs away from change to rule over politicians acting as presenters

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      Los Angeles Times reveals $50m loss as it seeks $500m investment

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        China ‘plants pretty young women at public meetings MPs attend to try to glean UK secrets from them’

        China ‘plants pretty young women at public meetings MPs attend to try to glean UK secrets from them’

        China menacingly warns UK will ‘face consequences’ if it doesn’t approve mega-embassy

        China menacingly warns UK will ‘face consequences’ if it doesn’t approve mega-embassy

        Brits warned of tax rises & spending cuts ahead of Rachel Reeves’ Budget – after she is slammed for ‘killing growth’

        Brits warned of tax rises & spending cuts ahead of Rachel Reeves’ Budget – after she is slammed for ‘killing growth’

        Nigel Farage DITCHES £90billion tax cuts plan in bid to be more trusted on the economy

        Nigel Farage DITCHES £90billion tax cuts plan in bid to be more trusted on the economy

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        • Business
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          Ofcom backs away from change to rule over politicians acting as presenters

          Ofcom backs away from change to rule over politicians acting as presenters

          Ofcom orders BBC to air on TV finding that Gaza film broke broadcasting rules

          Ofcom orders BBC to air on TV finding that Gaza film broke broadcasting rules

          Los Angeles Times reveals $50m loss as it seeks $500m investment

          Los Angeles Times reveals $50m loss as it seeks $500m investment

          Culture brand Broadsheet marks London launch with first print edition

          Culture brand Broadsheet marks London launch with first print edition

          Trending Tags

          • Tech
            Creepy ‘vile’ dungeon containing 2,000-year-old secrets is unearthed beneath busy UK market square

            Creepy ‘vile’ dungeon containing 2,000-year-old secrets is unearthed beneath busy UK market square

            Ancient Roman ‘experiment’ that was ‘hidden for centuries’ dug up near Rome after 2,250 YEARS & there’s ‘anomaly’ nearby

            Ancient Roman ‘experiment’ that was ‘hidden for centuries’ dug up near Rome after 2,250 YEARS & there’s ‘anomaly’ nearby

            Ancient Roman shipwreck found underwater at hols hotspot as divers find treasure on boat sunk in storm

            Ancient Roman shipwreck found underwater at hols hotspot as divers find treasure on boat sunk in storm

            Incredibly rare prehistoric fish that gobbles up SHARKS is caught off UK coast in major breakthrough

            Incredibly rare prehistoric fish that gobbles up SHARKS is caught off UK coast in major breakthrough

            ‘Super weird’ sea DRAGON is uncovered in UK and could solve a 184-million-year-old mystery

            ‘Super weird’ sea DRAGON is uncovered in UK and could solve a 184-million-year-old mystery

            Biggest mystery over Easter Island’s heads finally solved as experts reveal the statues ‘WALKED’ into place

            Biggest mystery over Easter Island’s heads finally solved as experts reveal the statues ‘WALKED’ into place

          • Health
          • Science

            We’ve probably already been discovered by aliens, but they have some pretty good reasons to hide.

            Almost everyone is said to benefit from a scientifically supported method for improving sleep.

            2,500-year-old rock engravings were found near Mosul, Iraq.

            Is the soul of a person eternal? the findings of scientists

            With its most recent move, is General Electric abandoning wind power?

          • Crypto
          • Entertainment
            • All
            • Gaming
            • Sports
            Witness history at the Masters 2026 with a luxury trip to Augusta National with this exclusive travel package

            Witness history at the Masters 2026 with a luxury trip to Augusta National with this exclusive travel package

            UFC legend Charles Oliveira, 35, dubbed ‘LION KING’ after parading young son, one, around octagon after emphatic win

            UFC legend Charles Oliveira, 35, dubbed ‘LION KING’ after parading young son, one, around octagon after emphatic win

            Arturo Gatti Jr dead at 17: Boxing legend’s son passes away suddenly just 16 years after father’s tragic death

            Arturo Gatti Jr dead at 17: Boxing legend’s son passes away suddenly just 16 years after father’s tragic death

            Golf SUSPENDED by 60mph winds as Storm Amy causes chaos at Alfred Dunhill Links Championship with Ryder Cup hero leading

            Golf SUSPENDED by 60mph winds as Storm Amy causes chaos at Alfred Dunhill Links Championship with Ryder Cup hero leading

            Ernest Akushey dead aged 27: Boxer dies just days after losing fight as tributes pour in for Ghanaian fighter

            Ernest Akushey dead aged 27: Boxer dies just days after losing fight as tributes pour in for Ghanaian fighter

          • Lifestyle
            • All
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            How to Choose the Ideal Baby Gift Set for Boys & Girls – A BabyWondersUK Guide

            How to Choose the Ideal Baby Gift Set for Boys & Girls – A BabyWondersUK Guide

            A Site for Situated Practices: Mezzanine

            Exhibition: Substance & Recoding: The Narrative of Contemporary Objects in the Semantic Turn

            Discover Amsterdam’s beauty from the water

            An adventure on the canals of Amsterdam

            An adventure on the canals of Amsterdam

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain's Latest Collection.

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain’s Latest Collection.

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            After Builders Cleaning Services in UK with Cliffycox: Reviving Spaces, Redefining Cleanliness

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          Paying monthly for car insurance is unfair – politicians must take action

          by Anderson
          January 13, 2024
          in Motoring
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          Paying monthly for your car insurance has always been an expensive business.

          Most car insurers insist that you pay your full year’s premium upfront. But if, like many, you can’t afford to do that – then insurers or brokers will lend you the money and allow you to pay back your loan, plus interest, in monthly instalments.

          With car insurance premiums rising by more than 60 per cent over the past year, growing numbers of people are faced with no choice but to pay monthly.

          The additional interest – typically over 20 per cent – adds real insult to injury. Effectively, the car insurance industry places an extra tax on its poorest customers and in some cases, it’s not just interest that is added to the premium.

          Some insurers also use it as a risk factor – concluding that those who choose to pay monthly are riskier drivers, and so increase their premium even before adding the interest.

          Over the past year, a growing number of insurers have stopped offering quotes to people who want to pay monthly altogether – piling further pain onto the instalment payers by reducing competition for their business.

          One element that seems distinctly unfair is that interest rates often don’t fall as premiums rise.

          Car insurers tend to have fixed percentage interest rates. If they charge 20 per cent and I pay £500 a year for my insurance, then the interest will be £100. But if you pay £3,000 a year, the interest will be £600.

          However, in other credit markets – like personal loans – the interest rate falls the more you borrow.

          #color-context-related-article-2851285 {–inews-color-primary: #F88379;–inews-color-secondary: #FEF2F1;–inews-color-tertiary: #F88379;}

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          As a result, the additional cost in pounds and pence for those have the highest annual premiums is significant.

          This practice of lending customers their annual premium is known as “premium finance”. In sectors such as travel insurance and pet insurance, there’s rarely any extra cost for paying monthly. Even in home insurance, it’s much less common than in the motor market.

          So why when it comes to car insurance – the most expensive insurance for most people – are firms penalising customers who often have no other choice but to pay in instalments? The idea seemed to gain real traction in the early 2000s and has since spread like wildfire. For both insurers and brokers, it was an easy way of bolstering their margins. But I’ve not yet found any compelling reason why premium finance needs to exist – other than to improve the returns of insurance company shareholders.

          This elephant has been hiding in plain site for quite some time. But two factors have been pushing it up regulators and policymakers’ agendas over the past six months.

          First, the combination of rising car insurance prices and the broader cost of living squeeze mean that more people are genuinely struggling to afford their car insurance. For the first time in my 25 years working in this industry, the cost of car insurance is being discussed by frontline politicians and looks set to be part of the debate in this year’s election campaign.

          Secondly, the FCA’s new Consumer Duty – which came into force last July – puts a new responsibility on firms to prove that they are working to deliver good outcomes for their retail customers.

          I’ve not heard a single argument that articulates why premium finance is a good thing for consumers. This week, the FCA’s head of insurance suggested that it could be ready to take some action in this area imminently.

          Don’t expect radical change overnight though. Insurers are busy reminding regulators and politicians that they are struggling to make a profit in the current market, and any further assault on their margins may tip the balance and force them to pull out of the market altogether.

          Given that we’ve already seen big insurers including Royal Sun Alliance and Zurich step away from the car insurance market over the past year, this may not be an entirely empty threat.

          Nevertheless, I hope politicians and regulators have the courage to take action soon. A ban doesn’t need to come into force immediately – but it is surely where we must end up. In the meantime, if you’re struggling to pay your annual car insurance premium in one go, consider taking out a 0 per cent credit card – which will give you the breathing space to pay it back without any interest.

          James Daley is managing director of the consumer group Fairer Finance

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