Car insurance premiums could be reduced as compensation for whiplash claims is set to be cut.
Over the past 10 years, whiplash injury claims have increased by 50%, resulting in insurance companies paying out around £1bn every year. The government has proposed that whiplash claims could be banned, or capped at a maximum of £425 (as a point of reference, the current average payout on successful whiplash claims is £1,850). According to the government, insurers have pledged to pass on these savings to customers, which could result in a saving of £40 per year.
Putting a Stop to "Compensation Culture"
Justice Secretary Liz Truss said "For too long some have exploited a rampant compensation culture and seen whiplash claims an easy payday, driving up costs for millions of law-abiding motorists. […] These reforms will crack down on minor, exaggerated and fraudulent claims." Astonishingly, while road traffic accidents have fallen by almost 40% since 2000, the number of injury claims has increased by almost 90%. The Association of British Insurers has said that implementing the proposals would “give honest motorists a better deal”.
For more information on how whiplash claim reforms could benefit you, head over to the BBC website.
The chancellor gave her Autumn budget - this is a summary of all the important changes she announced.
Unfortunately, today’s online scams are becoming more convincing than ever, by understanding the latest tactics and knowing what to do if you’re targeted, you can help keep your money and personal details safe.
Finding the right financial adviser can feel overwhelming, but having professional guidance is one of the best ways to make confident decisions about your money.
Whether you’re planning for retirement, managing investments, or protecting your family with insurance, the knowledge of a local adviser can help you make the most of your finances.
Taking the first step towards buying a home in Dronfield is an exciting life event, but it can also feel daunting without the right guidance. Understanding the stages of the mortgage and home-buying journey will help you move forward with confidence.
This article sets out the key steps first time buyers in Dronfield will go through, and explains how working with a local mortgage advisor, like Charles James, can make the whole process much smoother.
April has brought significant turbulence to global stock markets, with sharp declines in value shaking both investors and markets alike.
In this post, we’ll take a closer look at the events causing this market instability and provide insights into how you can successfully manage your investments during times of heightened volatility.
An annuity is a financial product that allows you to convert your pension savings into a guaranteed, fixed income for the rest of your life - often referred to as a secure income.
Choosing an annuity is a significant decision, as it is usually irreversible. That’s why it’s essential to fully understand how annuities work, the different types available, and the features they offer before making a commitment…
While inheriting a property may come with sentimental value, it also brings important financial and legal considerations. Understanding your options will help you make the right decision for your circumstances.
To guide you through the process, we’ve outlined key considerations when inheriting a property, including your choices, tax implications, and legal steps.
For much of 2024, interest rates were above 5% and the markets have experienced ups and downs which might have made you tempted to prioritise cash savings, seeing them as a safer option. However, for long-term savings goals, relying on cash savings alone may not yield the returns you need. This is where the strategy of regularly investing smaller amounts can be highly beneficial.
If your plans for the future have felt stalled recently, now might be the ideal time to revisit and reignite them…
Your pension and ISA allowances remain two of the most effective ways to improve tax efficiency and protect your savings.
Here’s a simple, practical breakdown of how they work and how to make the most of them