Archive for the ‘Car Insurance News’ Category

Liverpool Victoria Insurance Take Over Highway Insurance

Friday, August 29th, 2008

Liverpool Victoria Insurance Company, a mutual society would be taking over UK’s car insurance company Highway Insurance is a deal decided worth about 150 million pounds. This was announced by both the companies on Thursday. Highway Insurance is being given 73.35 pence/share by Liverpool Victoria, in addition to the short-term surplus of 1.65 pence, which amounts to a total of 75 pence/share. It is interesting to note here that the shares of Highway Insurance were up by 14 per cent at 73 pence on Thursday morning. This price signifies a premium of 47% to the closing value 49.75 pence of Highway, the day before they stated talks of a takeover at an advanced level by a single company. The share prices immediately shot up by 30 percent with this announcement. This takeover was described by Liverpool as a “strong industrial logic” of two businesses in the insurance sector. With this agreement Liverpool hopes to join the league of top five insurance companies by 2012. According to the CEO of Highway Insurance, Andrew Gibson, this deal will yield interesting financial results and a joint business will provide greater occasion in the insurance market.

Admiral Insurance expands in Halifax

Thursday, August 28th, 2008

Jena Clattenburg, a team leader with the online UK based insurance company, Admiral Insurance was glad to announce its expansion plans in Halifax from the present size of 120 headcounts to that of triple the size. Though she has not been to Great Britain, she has never stopped short of helping Brits and Scots with car insurance deals. She sounded thrilled with the growth plans and said that it meant not only more opportunities but shifting to new tower as well.

Admiral Insurance began its operations in 1993 from Great Britain and since the past six years has been rated by the Sunday Times as one of the top hundred companies to work. The development agency, Nova Scotia Business Inc has been very supportive of the expansion plans of the company and has promised payroll reimbursement of $3 million over five years which would be given after achieving recruitment targets.

Alex McDonald, vice-president of Admiral, reassured that the Halifax Company only sells insurance policies to 1.6 million consumers in the UK and refrain from competing with Canada or North American businesses. Most of the work is completed in the British office and the Canadian office comes to play only after the UK office shuts down at 6 in the evening. Mr McDonald also states that they are very particular about work-life balance and hence they are against late night shifts for their employees. Therefore, they take advantage of the time difference and the Canadian office is thus able to serve customers till 10 in the night. The reason for being associated with Nova Scotia was low business costs and good reputation of customer service expertise.

The new recruits will enjoy a salary in the bracket of $30,000 per year and employee stock options worth $6,000 besides other benefits. Admiral owns a share of six percent in the auto insurance field in the UK and believes to grow further. Though at times, a customer finds it strange to talking to customer service in Nova Scotia but it’s never been a stumbling block, claims Ms Clattenburg. It is important that the customers get help at the right time and it doesn’t matter where they are based. Though Admiral is working from temporary locations on Bayers Road, it will soon shift to new office building to be completed shortly.

Speciality Car Insurance

Thursday, August 28th, 2008

Congratulations! You are now an owner of a speciality car. But have you made the right choice for your car insurance? It is extremely important for you to make the right choice when it comes to Car Insurance especially for your speciality car. Many car insurance companies have hidden costs and do not reveal the details of coverage with clarity.

You can have a speciality insurance policy at a much reduced rate than a normal coverage. However, you must be aware of its limitations. Approach the car insurance company with all your homework done. Before proceeding to purchase a policy you must consider some valid points. Things like, do you wish to drive your classic car everyday, how much risk you can take in case of a claim, what will be the mileage of your car per year and is it difficult to get spare parts of your car in case of a damage?

These points should be kept in mind while going in for insurance cover for your special car. The premiums for these cars are less as insurance companies assume that you won’t be driving such cars everyday to work. They ensure that you have alternative arrangements for driving down to work. Most companies offer an upper limit of 2,500 miles per year when they provide insurance policies for classic cars. Even if some companies do not fix a cap on the mileage they have other restrictions like not taking your car to work or not using it daily.

Coverage for classic cars is risky as their parts might not be readily available through standard processes. In most cases you might have to do with generic parts rather than purchasing original old stock as repair parts are difficult to get. As a result, the resale value of your classic car goes down. A normal insurance pays for parts and repairs after taking into consideration the current industry prices. It is assumed that the parts of your car are easily available in the market. For classic cars it is best to settle for a stated value deal. In case of a stated value insurance you can state the value of your car and make sure that your car is covered for damages in that quoted amount.

So now when you go for insurance cover of your classic car, study and research for the best deal!

Absurd Car Insurance Claims

Wednesday, August 27th, 2008

As an owner of a car insurance company you must have received claims like accident due to a falling tree or damaged caused by another vehicle. But now if you have an insurance company in the UK, be prepared for some bizarre claims as well! Don’t get alarmed if you receive a claim for a car being damaged due to rotten carrots strewn on the road or bare pedestrians hopping on the roof of the car. It can be as foolish as the case in a recent incident when the driver lost control after being distracted by four girls in mini-skirts while in another incident a nude pedestrian jumped on the roof, hopped, skipped and ran away leaving the car badly damaged. Things can even be as stupid as somebody filling a tank with shampoo instead of petrol. So a big warning for all you motorists out on the street! Be careful not only of fellow motorists but such stupid acts as well.

A motorist even blamed a Harrier Jet for his melted windscreen because the aeroplane crash landed and exploded in the neighbourhood. Imagine getting request for claims for broken windscreen, this time the damage was caused by a squirrel who threw a nut from a tree! Animal attacks may sound weird but are true and can sometimes cause heavy damage to the car. CCTV footage shows a camel kicking and destroying a car parked safely at a garden centre while a tired horse damages another car while deciding to take a rest in the bonnet.

All these incidents only point out to the fact that motorists ought to be more careful of their vicinity.