In December 2012, the EU created a law which states that insurers cannot base car insurance premiums based on gender. Insurers took into account the gender of a person, and moved the premium to suit. Men came out worse off. As they are deemed more risk to accidents on the road as opposed to women. However, in 2012, the EU tried to stop this and put a ban on discrimination of gender by insurers.
This did not just affect men’s premiums, but also women’s. On average, for young men, the insurance dropped around 10%. However, for young women, it increased around 30% to try and even out the differences.
Although this law has been in effect for 5 years, there is still a discrimination against male drivers, with them still paying more. With research showing that the gender discrimination ban has had little effect. On average the pay gap has widened between genders in the past 5 years.
Between June and August of 2017, the average policy for men was £821 and women was £649. Showing this discrimination is still present in the car insurance world.
The way insurers can get around this law, is with the loop hole of a person’s job, states Stephen McDonald, an economist from Newcastle University. Dependant on what job you are in, will depend on your insurance premium. As some jobs are deemed riskier than others. However, insurers state that gender discrimination is not the case and premiums are based on a number of factors, yet not including your gender.
Stephen McDonald looked across six professions, 2 male dominated professions (Civil engineers and plasters). 2 female dominated professions (dental nurse and social workers). And finally 2 gender neutral jobs (solicitors and leisure assistant). Finding that the male dominant professions are at a higher premium than the females.
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A recent study has found that on average, female managers earn £11,606 less than their male colleagues, showing that the pay gap is dramatically wide. This study is based on 118,000 employees from 423 organisations and conducted by the Charted Management institute (CMI). It is based on salaries, bonuses and additional extras including car allowance and commissions.
Last year the pay gap was 23.1%, which is still too high yet this year it has increased to 26.8%. This research has also stated that male chief executives are earning around £89,230 compared to female CEOs who are earning £14,945.
In April this year, the government set out a new gender pay transparency regulation. Under these new rules companies with over 250 employees must publically disclose their gender pay gap by April 2018. However, only 77 out of 7,850 companies have provided the data so far.
Why the gender pay gap needs to be decreased
By implementing equal pay gap, it will add billions of pounds to the economy, states counter less studies. Due to women feeling equal and treated fairly, they will tend to work harder and therefore boost the economy.
Another reason, is that it won’t stop itself, and therefore, something needs to be done soon so it doesn’t get out of control.
Nearly one in four drivers are still using their phone illegally while at the wheel, either making or receiving calls. In March 2017, the government cracked down on this and doubled the points you would receive if you were caught using your phone whilst at the wheel. This dangerous driving has increased the amount of points you receive to 6 points on your licence and a £200 fine.
The amount of people using their phone while driving has decreased. However, still 23% of drivers asked admitted to illegally making or receiving calls. This dropped from 31% in 2016, showing a significant impact on the tougher penalties.
40% of the people asked, said they still check their phone for texts, emails and social media when sat in traffic, even though this is still the same penalty as if you were caught using your phone to make calls. “The fact that you are sat in traffic makes you feel safer, as nothing is moving.” Yet this is still classed as illegal so beware.
Only 1 in 10 people knew about the harsher penalties that were brought into place in March 2017. Of the people who did know about this new law and still continue to use it (As we call them the ‘hard-core’ law breakers), 57% of them were men. They said they do it because they know they can get away with it.
How to overcome this dangerous driving
In order to overcome this issue, make sure you have a proper hands-free unit installed in your car. This will ensure you are not breaking the law and no fines will be issued.
Becoming a landlord can be stressful, and thinking about insurance may not be at the top of your priority list, but it should be. Saying this, the is no legal obligation that you need to have buy to let insurance. However, most buy to let mortgages come with the condition that you need it.
Buy to let insurance is so important, it will cover you for eventualities which may occur within the house. For example, it will cover you for items such as vandalism, fire, flood and an injury placed within the house if it is your fault. Therefore, it will give you peace of mind that you are covered for all eventualities.
Will it cover contents insurance?
Often buy to let insurance does not cover contents insurance. So if you are renting the house with the furniture included; whether it is free standing white goods such as fridges or washing machines, then you will most likely have to open a separate policy. Replacing these items after a flood for example may cost a lot. Which is why contents insurance will give the landlord peace of mind.
The importance of buy to let insurance
Landlord insurance will protect you from the situations which may be difficult to resolve without this type of insurance. For example, if you ever find that a tenant doesn’t pay the rent, then buy to let insurance will cover you from this.
Buy to let insurance gives you the peace of mind, so click here for more information.
Or contact us to speak to one of our team, we are dedicated to getting you a competitive quote.
On the 25th August 2017, the government announced that they were introducing a £8.1m trial of partially driverless lorries on the roads within the UK. The trails are expected to take place at the end of next year.
Research has suggested that over 10 years of automated lorries, it could cost the industry nearly £34billion. This includes the cost of labour, fuel, insurance and vehicle utilisation. There needs to be more money spent into the project at first if the plan goes ahead. This will include building new roads on the motorway built only for these driverless lorries.
The trials will involve a process called platooning, this is where 3 HGVs are linked together through the new and advanced technology. The lead vehicle is controlling the acceleration and braking for all three vehicles. However, in this test, all vehicles have drivers ready to take control at any time.
If the test works, then it will cut insurance rates dramatically. As only one insurance will be needed for the 3 lorries. Therefore, cutting insurance costs for businesses by nearly two thirds.
However, this strategy does have its negatives, there are worries that the technology could get hacked. This could cause huge damage on the roads and to drivers not only in the lorries but around them too.
If you own a business, then keeping your data secure is vital to protect you from any security breaches. This could be anything from financial records and marketing materials to your customers banking and staff details. It can be difficult to keep this data secure, so we have created these 5 simple steps to help you safeguard your online assets and help keep your business data secure.
#1 Protect your network
Your network needs to be protected from malicious malware software. This can cause damage without you knowing. It could hack into your system taking all of the information on your system.
Make sure you have a firewall as well; this goes further to protect your internet system. It will protect your system against hacking, identity theft and suspicious websites.
Buying a cyber liability insurance package will help your business be protected from hackers into your software. As your company will use IT software and it may have customers’ information, cyber liability insurance will decrease the risk of threat.
#2 Do not use public Wi-Fi
If you are wanting to work on the go or in a café with public Wi-Fi, then don’t! This is one of the easiest ways hackers can hack into your system. Where possible, use secured access, pre-paid data like dongles or wait until you know the Wi-Fi.
#3 Don’t ignore BYOD
BYOD (Bring Your Own Device) is increasing in the workplace. This is where employees use their own devices to work on, whether it be their mobiles to read emails on or their own laptops to do some extra work on.
Most of the time many businesses don’t include or take note of this rising risk. Businesses need to make sure they include sufficient measures to prevent an attack or loss of information. In order to tackle this issue, the business could introduce an ‘at work use policy’ as it is difficult to stop mobile use within the business.
Therefore, there are several options to use for mobile security, the business could offer a security app which every employee has to download, or by giving each employee a work mobile to ensure only work related calls, emails and texts are being used.
#4 Turn off your Bluetooth
When you are not using Bluetooth, make sure you turn it off. Hackers can easily hack into your mobile and access your phone through this feature.
If you implement these steps into your business, it will hopefully make it much difficult for hacks to gain access to important information. Make sure you retell this new information to your staff. As it will be no benefit if some are not co-operating with the new rules.
#5 Password protect your device
This seems like an obvious statement. However, research has shown that 33% of Android users do not have a password on their phone. Additionally, the most popular laptop password is either ‘123456’ or ‘password’.
For more information on cyber liability insurance click here,
or call 0191 482 0050 / email us on email@example.com for a competitive quote.
Many customers / businesses choose not to undertake valuations; this is due to the misconceptions around them being more expensive with the high costs. Here we show how valuations can help businesses and add value.
What is a valuation?
A valuation is a provision of a property of compensation when a property is damaged. It is the actual cash value to replace when something is damaged within the property.
Underinsurance is the inadequate insurance coverage a policy holder has. Their policy will not cover them due to them not holding the correct details which it needs for it to be valid. This will ultimately lead policies to become invalid, meaning companies will receive less compensation than they need to recover from their loss.
What happens if you give wrong details/valuations?
By giving the wrong valuations or out of date ones, can mean you are being underinsured and in some cases over-insured. This is why it is so important to make sure that your valuations are correct and up to date, to ensure you are getting the right insurance that you need.
Many businesses think getting a valuation is expensive, however, they are not as expensive as you think. We would recommend you get a full and up-to-date valuation, and from then on, if nothing significant has changed you can get a cheaper and more affordable valuation. This will help you in the future understand what insurance policy you need and it will give you the peace of mind that you are being fully covered by your policy insurance.
At Todd and Cue we can give you quick and easy quote yet still being accurate. It can be done online or if you prefer we can give you a quote over the phone. Get in contact with us.
Since 2014, nearly 3,000 people have been conned out of an average £15,000 each, due to them being tricked by fraudsters to change their pension scheme to benefit themselves. Therefore, the government are banning cold calling regarding pensions. The government have already banned some types of cold calling, for example ones including mortgages.
The government are not only banning cold calls, but they are planning on banning texts and emails regarding selling a product or service around someone’s pension. The original law was excluding texts and emails, however with petitions being signed this has now changed and government have now removed all types of cold calling to the new law. This new law will help the public to understand what is legitimate and what is a fraud, hopefully helping the amount of pension scams decrease.
Companies need to have had previous permission to contact customers, so they will need to have had a previous relationship to even contact someone. If this is breached, then the fraudsters will face fines of up to £500,000.
When this law comes into place, make sure you are aware, and do not text/email back and make sure you hang up the phone immediately.
Within the last year, almost 16% of SMEs have been victims of a cyber-attack. This 16% equated to nearly 875,000 businesses nationwide. A staggering 21% stated that the attack cost them more than £10,000. And 1 in 10 businesses stating that it cost them more than £50,000, meaning without cyber liability insurance, this could cost the future of SMEs and force them to shut.
SMEs are becoming more of a target due to the vulnerable state they are in. As nearly half of businesses, do not have sufficient cyber liability insurance. Making those businesses become more targeted to hackers.
Businesses located in London were the most affected by these cyber liability insurance attacks, with 23% reporting they have suffered a breach in this period of time.
Despite these staggering results, SMEs do not seem to think it applies to them and nearly half of SMEs are not planning on taking more action within the next 12 months. These results show that not only SMEs but any size of business needs to take more care in their cyber liability insurance and the protection of their customers’ data.
Almost a quarter of SMEs don’t know their plan for the next 12 months or know how much they will be spending in the next year. This needs to change and people need to understand the importance of cyber liability insurance and how it can benefit their company.
For more information on cyber liability click here or get in contact with us, we are always happy to help.
It is becoming more and more expensive to learn to drive, which is why more young people are learning to drive in their late 20’s. With high tuition fees from instructors and high premiums, these are all adding to young drivers waiting till their late 20’s to start learning.
The average learner is will take nearly 50 hours of professional driving lessons to be able to pass. This ultimately means that the price of lessons will be extremely expensive. According to AA, this is leading teenage drivers to abandon learning altogether.
It is stated by the AA that people are learning to drive when they graduate as priorities change and a car is a necessity when going into full time employment.
How much will it cost?
On average it will cost someone around £800 from start to finish to pass their driving test. To many this is too expensive and so will need to wait until later life to think about this stage.
Insurance premiums are at their highest, so despite paying all that money by learning to drive, the biggest bulk of the cost is likely to be your insurance. For the average 18-year old who has passed their test and is wanting to go on their own policy will be expecting to pay around £2,000 for their first annual insurance policy.
How to save money?
One way to reduce this price is to become a name driver on someone else’s policy. This will not allow you to start building your no claims, however, it will be a lot cheaper for the short run. Yet if you are going to be the main driver of that car this is illegal, and so you would have to re-think about other options including the telematics box.
One other way which could allow your insurance to become cheaper, is to install a telematics box. This could reduce your premium significantly, and for future premiums if you are considered a safe driver. These are boxes that are fitted to your car, and it will analyse your driving, if this is deemed to be safe, your insurance policy will likely to go down, making it cheaper for years to come. On average a telematics box could save you up to £500, which is ¼ of the average premium price for 18 year old