Hastings Direct has been fined GBP735,000 by the FSA (Financial Services Authority) for treating its customers unfairly. The car insurance company was found to have cancelled over 4,500 policies following a pricing error.
The problem was caused by the Hastings Direct car insurance quotation system, which generated quotes that were lower than the market rate. The insurer then decided to cancel these policies, a step that was not acceptable according to the FSA.
Although a cancellation clause was included within the policies the FSA felt that Hastings Direct should have considered other options first rather than invoking the cancellations. They believe that it is not acceptable to cancel cover because of what is simply a pricing error.
A study carried out by esure car insurance has found that younger drivers are more likely to buy an environmentally friendly car than older drivers.
Over 80 percent of drivers under 25 would consider using a hybrid, electric or bio fuel car according to the esure survey results, reflecting their attitude to the future of the planet or perhaps their concern at the rising cost of fuel. In fact 20 percent of all drivers said they would think about moving to a more fuel efficient vehicle to save money.
The hybrid and electric cars are certainly cheaper to run than existing petrol models, though initial purchase cost is high. Car insurance premiums are also relatively high due to the cost of any repairs that may be needed. Being new and innovative means parts cost much more than regular models.
New car insurance customers at Tesco Finance are able to claim a free pressure washer if they buy their policy before 25 June 2008.
Upon buying the car insurance policy Tesco Finance will provide the customer with a voucher that can be redeemed at Tesco Direct for a Karcher pressure washer. New car insurance customers can also enjoy discounts of up to 15 percent when buying online.
A Tesco Finance spokesman was delighted to be able to offer such a great incentive and hoped that many people considering their current car insurance cover would look at Tesco since they offer very competitive rates as well as great promotional offers such as this.
