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Abrdn calls on government to scrap stamp duty on FTSE 250 shares

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Abrdn's plan to solve ‘vacuum’ caused by cost disclosure rule removal

Abrdn is calling for the immediate abolition of stamp duty on FTSE 250 shares.

It is also urging the government to bring in other urgent measures to protect and support listed smaller companies.

This call to action comes in response to the publication of ‘The Future of Smaller Company Capital Markets in the UK’ report.

The report, published by New Financial in partnership with Abrdn, Euroclear, Winterflood and the Quoted Companies Alliance (QCA). found a crisis facing this segment of the UK stock market.

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It found that over the past 20 years, the number of smaller listed companies with a market capitalisation of less than £1bn has fallen by nearly a third (31%).

Also, in seven of the past 10 years, more listed smaller companies have left the UK stock market than have joined it.

Additionally, only one Local Government Pension Scheme (LGPS) has a specific allocation to UK smaller companies, compared with 18 back in 2013.

This is despite UK smaller companies delivering “stellar” returns over the long-term and adding “significant” value to the UK economy.

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Over 25 years, UK smaller companies including the Alternative Investment Market (AIM) has generated an annualised total return of 7.4% in line with the S&P 500 (7.5%) and nearly 50% higher than the wider UK market (5.4%).

Despite recent volatility in AIM stocks, Abrdn said it recognises the “crucial social and economic value they bring to the UK as well as the valuable role they can play in diversified investment portfolios.”

It would also like to see the Mansion House Compact – in which major pension providers pledged to increase allocations to private markets, including private equity and venture capital – extended to include listed small caps in the UK.

Abrdn believes the stamp duty exemption that currently exists for AIM should be extended to all listed companies outside the FTSE 100.

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However, it believes that stamp duty on UK shares should be scrapped entirely.

It also feels that measures to boost investment in the UK more generally is needed and would like to see:

  • Minimum pension contributions via auto-enrolment go up significantly
  • Simplification of the UK’s cumbersome Isa system to make it easier for people to engage and start investing
  • A national campaign to get the UK investing
  • A shake-up of financial education in schools so more people get access to it, creating the next generation of savers and investors

Abrdn chairperson Sir Douglas Flint said: “Smaller listed companies are an integral part of the UK economy.

They drive innovation and generate wealth and jobs across almost every corner of the country.

“Given that the government is serious about boosting UK growth, we must look carefully at the small cap sector and the findings and recommendations of this report.

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“If policymakers consider what can be done to boost investment in the UK generally, we cannot afford to ignore UK small caps. This segment of the market is flourishing in many respects, and, with appropriate action, it could be even more successful.”

New Financial founder and managing director William Wright added: “Our report argues that UK smaller companies are facing an almost existential threat.

“There are many factors behind the decline but the collapse in demand from UK pension funds – which have increasingly switched to globalised portfolios – and the decline in demand from retail investors has been the main driver.

“Regulation, liquidity, and a low-risk investment culture have also played a role. The report calls for urgent action to support this vital segment of the UK market in the context of wider capital markets reform.”

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Huge outdoor retailer with more than 100 shops announces store closure within DAYS

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Huge outdoor retailer with more than 100 shops announces store closure within DAYS

A HUGE outdoor retailer has announced it will close one of its stores within days.

Decathlon is set to shut the doors on its shop in Forge Retail Park in Telford, Shropshire, on November 3.

Decathlon will shut its doors next month

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Decathlon will shut its doors next monthCredit: Google

The French sporting goods retailer has operated at the shopping centre since 2018.

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The closure is said to be part of a “brand refresh” and a “broader review” of its store network.

Decathlon told customers they can use vouchers at its Wednesbury store until the end of the year.

The company also said that staff members were being supported to continue working at the company “where possible”.

Michael McHale, Regional Leader at Decathlon UK said: “We’re saddened to be closing our Telford store, which has served the local community for over six years.

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“However, we’re excited to continue supporting our loyal customers by welcoming them to our Wednesbury location, just a short drive away.

“At Decathlon, we remain committed to bringing the wonders of sport to life and providing the same great products, services, and experiences that our customers have come to love.”

Local residents have been left disappointed at the news that their area is losing its Decathlon store.

One wrote on Facebook: “Great shop – sad to see it closing.”

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Another said: “Sad. Great store. Useful to have on our doorstep.”

A third claimed: “All thanks to the blumming shoplifters!”

New Beginning for The Body Shop

It comes as closures have rocked high streets across the UK in recent years.

Some retailers have closed a few branches here and there for various reasons, like when a store lease has come to an end.

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Other examples of one-off rather than widespread closures is if there are changes in the area, like a shopping centre closing, and in some cases a shop will close to relocate to another area.

Some chains have faced tougher conditions though, forcing them to shut dozens of stores, or all of them in the worst case.

Elsewhere, a much-loved tea room is being forced to close having been in business for 34 “happy and successful” years.

The family-run Two Hoots Tea Room is situated in one of Wales’ most-visited tourist spots and they say they are devastated after they were ordered to pull down the shutters for good.

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Why are retailers closing stores?

RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.

High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.

The high street has seen a whole raft of closures over the past year, and more are coming.

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The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.

Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.

It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.

The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.

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Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.

“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.

“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”

Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.

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The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.

However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.

The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.

Meanwhile, customers were left devastated after a family-run clothing shop was forced to close after 144 years.

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Dancers is run by the fourth and fifth generation of the Dancer family, but the rise in online shopping meant they had to let it go.

And, closures are affecting various industries across different sectors as a historic city brewery, with a legacy spanning 150 years, is also set to close.

The Carlsberg Marston’s Brewing Company (CMBC) has confirmed plans to close Wolverhampton’s Banks’s Brewery.

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M&S brings back retro crisps two years after disappearing from shelves

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M&S brings back retro crisps two years after disappearing from shelves

M&S has brought back an iconic retro crisps flavour two years after they disappeared from shelves.

The major retailer confirmed it has both listened and answered the prayers of its fans.

In all honesty, M&S have three surprises to share

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In all honesty, M&S have three surprises to share
M&S's Prawn Cocktail Shells are back

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M&S’s Prawn Cocktail Shells are back
Plus three brand new tortilla sharing bags

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Plus three brand new tortilla sharing bags
And another three flavours of peanut snack packs

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And another three flavours of peanut snack packs

That’s right, M&S’s Prawn Cocktail Shells are back.

M&S insists the tasty snacks are made from the finest ingredients with a “top secret” exclusive spice blend.

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If you’re a fan of Skips, the prawn cocktail crisps, chances are you’ll like these too.

According to Ocado, the six pack of Prawn Cocktail Shells are selling for £2.

They’re also suitable for vegeterians.

And the fun doesn’t stop there.

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M&S also announced three-brand-new tortilla sharing bags will too be hitting shelves.

Each tortilla bag has been inspired by a classic Mexican dish.

Such as Tomatillo & Jalapeno Pepper and Lime & Coriander, and Feta & Pink Peppercorn Chickpea & Red Quinoa Tortillas.

Be warned, M&S say “these are nacho average sharing bags… you will NOT want to share.”

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On October 16, an M&S representative shared the reveal of the tortilla flavours on Facebook.

One person commented on the post: “Yum! These sound delicious!”

According to Ocado, the tortilla packs are selling for £1.35.

Since we’re on the topic of surprises, M&S has one more to share.

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It’s three totally new peanut snack packs, bursting with flavour, seasoned and not salted.

The flavours include Katsu Chicken Curry flavour, Smoky Chorizo flavour, and a Spicy Buffalo Wing flavour.

According to Ocado, the new peanut snack packs are selling for just £1.50.

To find your nearest M&S store visit their website and click Find your nearest store.

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Put your postcode, or town or street name in and a list of local stores should come up.

It is also recommended to check in store and online product availability.

How to save on your supermarket shop

THERE are plenty of ways to save on your grocery shop.

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save on your grocery shop.

You can look out for yellow or red stickers on products, which show when they’ve been reduced.

If the food is fresh, you’ll have to eat it quickly or freeze it for another time.

Making a list should also save you money, as you’ll be less likely to make any rash purchases when you get to the supermarket.

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Going own brand can be one easy way to save hundreds of pounds a year on your food bills too.

This means ditching “finest” or “luxury” products and instead going for “own” or value” type of lines.

Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they’re misshapen or imperfect.

For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50.

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If you’re on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too.

Plus, many councils offer supermarket vouchers as part of the Household Support Fund.

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Amex customers’ fury over mystery payments as credit cards are frozen and fraud helpline ‘flooded’ with calls

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Amex customers' fury over mystery payments as credit cards are frozen and fraud helpline 'flooded' with calls

A MAJOR credit card company has been inundated with calls from customers after mystery payments appeared on their accounts.

Customers of American Express said that since Sunday they have been unable to get through to its customer service helpline to query the payments.

American Express customers have been unable to call its customer service

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American Express customers have been unable to call its customer serviceCredit: Getty

American Express has millions of customers in the UK.

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Others have said that they have been unable to resolve the issue by using the company’s live chat and have been told to call its helpline.

Many are unable to use credit cards which have been frozen.

Customers took to X, formerly known as Twitter, to complain about the tech issue and hundreds of comments have also appeared on Reddit.

One American Express user said: “I’ve been on hold for a call with your fraud alert team for close to two hours following a report of a rejected suspicious payment and 3 small (<£5 total with British Dressage?) pending payments that have appeared on my account.”

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Another said: “after waiting 1 hr and 25 minutes to speak to you about fraud, you cut me off!

“As a good card holder I am not happy about this at all!”

The American firm replied to customers on social media and said that its team is “experiencing a high volume of inquiries and is actively looking into the issue”.

Among those affected by the issue is father-of-one Terry Pierce, 37.

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The strategy director from Woodford, East London, was travelling to Manchester for work when he began to receive texts asking him to approve transactions he had not made.

Four payments totalling £18.92 were taken from his British Airways American Express Premium Plus Card to Airalo Singapore, a data roaming company.

Are you owed cash from your bank?

A further two charges also appeared on his account as “pending”.

When Terry tried to contact American Express he was left on hold for four hours while watching new payments appear on his account.

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Eventually he was forced to hang up so he could continue working.

Terry tried to use the live chat feature in the company’s app but it simply told him to call the customer service helpline.

How to check if your bank is down

THERE are a few different ways to find out if your bank is experiencing an outage.

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Senior consumer reporter Olivia Marshall explains how you can check.

If you’re trying to send money to someone, or you just want to check if you have enough cash for a coffee, finding your online banking is down can be a real pain.

Most banks have a dedicated news page on their website to show service problems, including internet banking, mobile apps, ATMs, debit cards and credit cards.

You can also check on any future work they have planned and what it might mean for you.

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Plus, you can check websites such as Down Detector, which will tell you whether other people are experiencing problems with a particular company online.

He said: “We all have busy lives and it’s just been so much additional stress.

“My card is frozen so I can’t use it. I have no idea of the source of these transactions or if I’ll be refunded.”

In the meantime, Terry has been forced to use his current account to pay for items, which has left him unable to collect rewards on his card.

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This was one of the main reasons why he first applied for the card, which has a £300 annual fee.

Despite being an American Express customer for more than three years Terry is now considering changing credit card provider when he comes to renew later this month.

“This is my first time having an issue with my credit card and it has made me question American Express, which is known for its customer service,” he said.

We asked Amex about its helpline issues and whether it was aware of a bigger issue.

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A spokesperson from Amex said: “The privacy and security of our customers is a priority for American Express.

“We have sophisticated monitoring systems and internal safeguards in place to help detect fraudulent and suspicious activity. If we identify unusual activity that may be fraud, we will take protective actions.

“We also recommend customers regularly review and monitor their account activity, and immediately contact us (using the number on the back of their Card) if they detect any suspicious activity.

“Our specialist Fraud Team thoroughly investigates all fraud claims and American Express Cardmembers are not liable for this kind of unauthorised charge on their accounts.”

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It’s understood that Amex has added extra resource to its call centre to bring call wait times down.

How to report credit card fraud

If you think your credit card or personal information has been compromised then contact your bank immediately.

Ring the number on the back of your plastic card and explain what has happened.

You should also be able to find your provider’s customer service number in its banking app.

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Your provider will be able to freeze your card so no further payments are made.

Usually you will be reimbursed for any charges that you did not make if you report the fraud quickly.

Keep a record of the fraudulent activity such as payments in your banking app and texts asking you to authorise transactions by taking a screenshot.

You can also report the crime to Action Fraud by using its online tool or by calling 0300 123 2040.

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Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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UK’s ‘most boring beer’ named as pub-goers say they are fed up with same old lagers at boozers

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UK's 'most boring beer' named as pub-goers say they are fed up with same old lagers at boozers

PUB-goers are fed up with seeing the same old lagers at the bar.

Almost half of those polled by Kingfisher Drinks – some 46.9% – identified Carling as the UK’s most “boring beer”.

Punters have had their say on what they consider to be the most boring beer

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Punters have had their say on what they consider to be the most boring beer

Around the same number (46.6%) said Aussie brand Foster’s was a bad call, followed by Stella Artois (35%), Heineken (32.2%) and San Miguel (17.4%).

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Kingfisher Drink’s so-called Boring Beer Index was rounded off by Coors (16.3%), Carlsberg (14.5%), Amstel (11.4%), Birra Moretti (11.4%) and Peroni (10.7%).

Italian tipples Moretti and Peroni made the top 10 despite being crowned Britain’s best-selling foreign lagers last month.

When asked what lager they wanted at their local, Jamaican Red Stripe, a favourite among music fans at festivals and gigs, was the number one choice, backed by 29.87% of those polled.

It was followed by Estrella (27.43%), Sagres (23.89%), Budvar (23.23%) and Hofmeister (22.79%).

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The survey of 542 UK consumers by Kingfisher Drinks found 25 to 34-year-olds were most likely to look for something new, with 78% bored with the beers at their pub.

Over-65s are most content with what is already on draught, with more than half (53%) reporting they “never” get tired of the choice.

Almost eight in 10 male pub-goers found the selection on tap uninspiring, compared to just six in 10 female drinkers.

More than 88% of respondents will always or sometimes order something new, with 35 to 44-year-olds most adventurous and OAPs least likely to go out on a limb.

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Seven in 10 customers said they liked to splash out on “premium” beer brands during a night out.

Cheers and Beers: Europe’s Top 8 Cities for Affordable Pints

The report said: “This research confirms that a large number of consumers like to try new beer brands when they are drinking out of home and are happy to trade up to more premium choices.

“This reiterates the importance for pubs to regularly refresh their beer ranges and not just stick with the same old brands on the bar.”

Kingfisher Drink’s survey also looked into what phrases or situations would make them more likely to try a new beer.

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The top phrase was “a friend recommended it”, with over 70% of respondents ticking that box in the survey.

Next was “I noticed it at the bar”, with almost six in 10 taking part in the survey saying this would sway them in trying a new tipple.

Just under 56% of respondents said “the bartender recommended it” would lead to them having a try of a new drink.

On the other end of the scale “I saw it on social media“, “I saw someone else in the pub drinking it” and “I saw an advert for it”, were the circumstances least likely to make someone drink a new lager.

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Five beers drinkers most want to try

The list of the beers drinkers most want to try, according to Kingfisher Drinks, was:

  1. Red Stripe
  2. Estrella
  3. Sagres
  4. Budvar
  5. Hofmeister

In other beer news, an iconic 90s beer is set for a return after a 30-year hiatus.

That’s because Allsopp’s Beer has revealed the 3.8% Double Diamond is making a comeback.

Plus, The Sun revealed the most expensive Premier League stadiums for a pint, with London clubs West Ham and Arsenal at the top.

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And major beer brand Hophead confirmed last month it has slashed the strength of its beer from 3.8% to 3.4%.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Shoppers rush to Home Bargains to buy ‘bargain’ Gingerbread-themed gift perfect for Christmas scanning for just £15

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Shoppers rush to Home Bargains to buy 'bargain' Gingerbread-themed gift perfect for Christmas scanning for just £15

SHOPPERS are rushing to Home Bargains to buy “bargain” Gingerbread-themed gift, scanning at tills for just £15.

As daylight reduces and Christmas approaches, the importance of making a room cosy with decorative lighting greatans so much more.

Home Bargain's shoppers could not believe their eyes when they saw the online ad for this steal

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Home Bargain’s shoppers could not believe their eyes when they saw the online ad for this steal
The Winter Charm LED Gingerbread Townhouse Ornament was selling online for as little as £15

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The Winter Charm LED Gingerbread Townhouse Ornament was selling online for as little as £15

Home Bargain’s shoppers could not believe their eyes when they saw the online ad for this steal.

The Winter Charm LED Gingerbread Townhouse Ornament was selling online for as little as £15.

Standing at 40cm tall, the enchanting ornament features a gingerbread townhouse, with white frosting around the edges, candy decorations and a sprinkle of snow.

The LED lights shine through the little windows of the gingerbread town house, creating a warm and inviting glow.

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Read more in Deals and Sales

Although it appears that the ornament has sold out online, there is an option to be notified as to when it’s back in stock.

To find your local Home Bargains store, simply head to the website and click Store Locator.

Then enter your postcode or town to find your nearest store.

How to shop for bargains

As always, we recommend shopping around to find the best deal.There are plenty of comparison websites out there that’ll check prices for you – so don’t be left paying more than you have to.

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Most of them work by comparing the prices across hundreds of retailers.

For example, Google Shopping is a tool that lets users search for and compare prices for products across the web.

Tesco drops first-ever collection of luxury candles after launching F&F Home last night

Just type in keywords, or a product number, to bring up search results.

Price Spy also logs the history of how much something costs from over 3,000 different retailers, including Argos, Amazon, eBay and the supermarkets.

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Once you select an individual product you can quickly compare which stores have the best price and which have it in stock.

How to bag a bargain

SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…

Sign up to loyalty schemes of the brands that you regularly shop with.

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Big names regularly offer discounts or special lower prices for members, among other perks.

Sales are when you can pick up a real steal.

Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.

Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.

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When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.

Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.

Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.

And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.

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It comes after Home Bargain’s impressed fans once again with its L’Oreal Blemish Buster Gift Set.

This was marked down from £38.99 to just £7.99.

That’s over 80 per cent off meaning customers save £31.00.

Inside the set was:

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  • 1x Smooth Sugars Clearing Scrub 50ml.
  • 1x Pure Clay Blemish Rescue Mask 50ml.
  • 1x Hydra Genius Aloe Water 70ml.

Essentially, customers looking to exfoliate, treat and hydrate their skin for a good price, need look no further.

A Home Bargain’s representative posted a photo of deal to Facebook and wrote: “An ideal stocking filler. Just look at that saving.

“Available in store & online.”

Similarly, it appears this item is currently out of stock.

Debatably no wonder, as just one of these items usually costs around the price of the whole set.

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Major price comparison firm handing £250 car insurance fee back to drivers – and £11million has been claimed

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Major price comparison firm handing £250 car insurance fee back to drivers - and £11million has been claimed

A MAJOR price comparison firm is handing a £250 car insurance fee back to drivers and £11 million has already been claimed.

GoCompare is offering customers the free excess refund reward when they purchase car insurance.

You could nab £250 back using the excess refund reward scheme

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You could nab £250 back using the excess refund reward schemeCredit: Getty

The price comparison site has revealed that its customers have been millions through its £250 Excess Refund Reward since the scheme began in July 2019.

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The Excess Refund Reward allows any customer who purchases a car insurance policy through GoCompare to opt in and receive money back when the claim is settled.

For example, if your total excess is £300, you pay this to your insurer, and GoCompare refund £250 after your claim is settled.

The price comparison firm will refund you if you have damage to your car, if you’re at fault and have comprehensive insurance.

You can also get a refund for claims for fire or theft as well as uninsured driver claims.

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However, GoCompare stress that you will not be able to use your free excess cover for windscreen repair and replacement, damage caused by a breakdown or misfuelling or claims from outside the UK.

Repairs to your own car, without comprehensive cover are also not included in the free excess cover.

GoCompare say that making a claim is a straightforward process and you should be able to fill out the online form in about ten minutes. 

Once you’ve submitted your claim, and it’s been approved, expect to get your refund within five working days.

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An excess is included on most insurance policies and is the amount that the policyholder needs to pay upfront before they can make a claim.

Regarding car insurance, the excess is split into two parts: compulsory and voluntary.

The real Go Compare man shows off impressive opera skills

The insurer sets the compulsory excess while the policyholder can choose the voluntary excess – then when you make a claim the two are added together and must be paid before a claim can be made.

Previous research from Go.Compare revealed that only 49 per cent of motorists fully understand the meaning of voluntary and compulsory excesses on their policy.

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Meanwhile, only 7 per cent of drivers aged 18 to 24 said they understood compulsory excess.

Tom Banks, car insurance expert at Go.Compare, said: “Seeing that over £11 million has been refunded to our customers through this offer is amazing.

“The process of making a claim on an insurance policy can be a stressful one so we hope that this refund reward can help ease some of the stresses, both mentally and financially.

“Our aim is to help motorists make informed decisions when it comes to insurance, making sure they get the cover they need and help them save some money – the excess refund reward is a great example of this.

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“It’s great to see that so many customers have been able to benefit from the scheme.”

It comes after Martin Lewis urged car drivers to beware of a simple car insurance payment mistake that can end up being more expensive.

The money saving expert shared the a new video to help motorists save cash while covering the essential bill.

What is car insurance?

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Consumer reporter Sam Walker talks you through what car insurance is and what it covers you for…

Car insurance pays out if your vehicle is stolen, damaged, catches on fire or is involved in an accident.

As a minimum, it protects you against any damage you case to other road users, the public or their property – these are called third parties.

You only need to claim on your car insurance when an accident is your fault.

If another motorist is to blame, their insurance should pay out instead.

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Car insurance, unlike home insurance, is a legal requirement and if you don’t have it you can be fined up to £1,000.

You can also have your vehicle seized and destroyed.

However, you don’t need to insure your car if it is classed as “off-road”, or holds a statutory off road notification (SORN).

The vehicle has to be kept on private land and not a public highway though.

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