The car industry is suffering very badly globally, and in the UK large manufacturing bases involved in car assembly and production and all the associated small businesses that play support functions, have brought unemployment and lay-offs to towns as far apart as Swindon and Gateshead. The Government has stepped in to help again, this time to support multinationals rather than the ailing car industries of the seventies and early eighties, and although we don’t agree with underwriting failing foreign businesses, the social and economic investments in these areas must be protected.
So with new car production ground to a halt and demand stagnant, it is surprising to see that the second hand market is experiencing a mini upturn. Prices have been dropping steadily on used cars in parallel to the housing slide, however recent activity has seen much larger market movements with the volume of used car sales up. This surge has seen a response from the standard car insurers, who seem to be the only companies whose TV advertising campaigns have been unaffected by the recession. This market would be even more buoyant if the availability of loans for used cars was not as restricted as it currently is. One growth area has recently been classic car insurance. These days many cars as young as ten years old can be considered classics and it is worth getting some insurance quotes from a online classic car insurance specialist.
Classic car insurance policies often provide better cover as the risk is assessed for the particular vehicle and the premium assessed against a known sum insured – what you’ll get back if you write the vehicle off.
There’s still one financial institution out there that Insurance Blogger loves. We don’t talk about them much here, because we don’t have to. We don’t directly promote their products, because they don’t need us to. Insurance Blogger had the pleasure to work for them for five years in a consultant capacity and if there’s one word that immediately springs to mind when Legal & General are mentioned – it is Integrity. Something that appears to be sadly lacking from most of the other financial institutions in the UK today.
So when Legal & General’s fund manager told a Commons Select Committee that it called for the CEO and Chairman of RBS to resign as early as May last year, we were all ears…….
According to an article in The Times
Peter Chambers, chief executive of Legal & General Investment Management (LGIM), told members of the Treasury Select Committee that its resignation demands had come as part of a concerted effort to “engage with” British banks during last year’s market storm
LGIM is the biggest investor in the stock market and owns about 5 per cent of every listed company.
Have you checked the amount of legal protection you have for yourself and your family under your house insurance policy recently?
Well if you haven’t we’d advise you to think again and to look. Legal Expenses, Legal Costs or Legal or Family Legal Protection as it is also known, is one of the least understood yet one of the most important types of insurance that you will need in these days of American style litigation.
Every time you sign a piece of paper you are exposing yourself to the possibility of a claim against you with the subsequent possibility of a trial and legal costs being awarded against you. This has happened to many many people in the UK and lives have been ruined.
Because of the important nature of this type of insurance in protecting your lifestyle its a subject that we are going to return to again and again.
So have you checked your home insurance policy? you particularly need to find out the figure for Indemnity Limit. This is the most that an insurance company will cover you for in the event it agrees that your case has a good chance of success.
So you’re covered OK.
Well lets just leave you with this word of advice. If your limit of indemnity for legal costs is less than £100,000 then you are seriously exposing yourself and your family to ruin. At this current time the average costs to take a small fast track case to trial are around £75000 and if you lose you are going to have to pay the other sides costs of at least £75000 as well – serious risk.
Think very carefully before you contact the pariah solicitors thinking you are covered…………..
Jaguar Cars owned by Indian giant Tata have been in the news recently, with large numbers of workers laid off, with Halewood and Coventry suffering badly. It would be sad to see such a great British marque disappear.
Ironically there is is a large demand for classic cars at the moment. The recession and the credit crunch is forcing investors to seek alternative safe harbours and classic car investment, particularly in the prestige car upper market is doing particularly well and consequently the demand for specialist classic car insurance has risen.
Today is a landmark day in the history of modern mankind, and the significant of the winds of change are not lost on insurance blogger who grew up not contemplating that today was remotely possible in his lifetime.
The white dream died in Dallas and I watched the women cry. They cried again when the black dream died in Memphis in 1968 and we watched quietly as the fists were raised in defiance in Munich a few months later.
A few years later I was honoured to watch Kevin Keegan kick a ball into the back of a net at the same spot where the fists were raised, but my first thoughts were about Palestinians. Years later I had the privilege of standing on the spot in Berlin forWorld Cup Football where Jesse Owens stuck two fingers up to Hitler, and funnily enough I’m still thinking about Palestinians.
But for all the power nobody contemplated today was possible
So whats this got to do with Insurance?
We’ll without boring old insurance we would not be welcoming Barack and Michelle to the White House.
why I hear you ask?
Well for one of its many sins Insurance is partly responsible for the Slave trade. Shippers, Owners, Insurance brokers, Lloyds Names, Gamblers etc all funded slaving ships and many of todays Insurance Companies and Brokers made the foundations of their businesses through slavery and risk. Shipping, Slavery and Insurance were intimately bound together as a business practice.
So you could argue that those Insurance companies who we shall remain nameless have abetted the hastening of global multi-culturalism.
Good Luck Barack, you’ve already created a good zeitgeist. Until America deals with the toxic debt, despite the goons in Whitehall’s best efforts, we are a hundred percent reliant upon the origin of the problem containing the solution.