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Tool shows if your car insurance is more expensive that those in your area

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tool shows if your car insurance is more expensive that those in your area

Motorists in the east of London face the highest premiums in the UK for their car insurance while those in the Isles of Scilly have the lowest, research has revealed.

Residents of Newham pay to most for car cover, according to data from Compare the Market, with drivers in the east London borough forking out an average premium of £1,522 a year.

The figures have been crunched by the comparison website’s new tool, which tells motorists how the cost of their car insurance compares to that of people in their area, as well as how premiums across the country stack up. 

It found that Tower Hamlets, also in London, was home to the second highest average car insurance bill of £1,366.69 a year.

A new car insurance tool will tell motorists if they're paying more or less than others nearby

A new car insurance tool will tell motorists if they're paying more or less than others nearby

A new car insurance tool will tell motorists if they’re paying more or less than others nearby

Compare the Market said it launched the calculator to help drivers who could be overpaying on their premiums – with motorists keen to minimise costs at a time of drastic financial uncertainty. 

All data was sourced from the comparison website with the average insurance cost calculated by the average of the top five cheapest prices presented to a customer, where a consumer has clicked through to buy.

Buying from the top five cheapest prices presented represents 90 per cent of all car insurance sales, the comparison firm said.

It found that after Newham and Tower Hamlets, the borough of Brent in North West London was the third most expensive place on average for insurance, coming in at £1,324.92 a year.

On the other hand, the cheapest car insurance quotes are found in the South West, specifically on the Isles of Scilly. Here, drivers pay an average of £329 per year – four times less than those in Newham.

The Orkney Islands is the next cheapest place for car insurance quotes at an average of £442.05 a year, as rural locations dominated the cheapest areas for motor cover.

West Devon came third with an average price of £445.65 – hundreds of pounds cheaper than those driving in the capital. 

Areas paying the least 

1) Isles of Scilly: £329.45

2) Orkney Islands: £442.05

3) West Devon: £445.65

4) Isle of Wight: £447.04

5) Torridge: £449.72

6) East Devon: £456.40

7) Kerrier: £463.92

8) North Norfolk: £465.19

9) Fareham: £466.01

10) East Lothian: £467.98

Areas paying the most 

1) Newham: £1,521.66

2) Tower Hamlets: £1,366.69

3) Brent: £1,324.92

4) Hackney: £1,301.23

5) Barking and Dagenham: £1,295.74

6)Westminster: £1,279.36

7) Redbridge: £1,267.36

8) Haringey: £1,262.19

9) Kensington and Chelsea: £1,231.70

10) Enfield: £1,220.51

Drivers in London are paying the most for their car insurance with Newham coming in top

Drivers in London are paying the most for their car insurance with Newham coming in top

Drivers in London are paying the most for their car insurance with Newham coming in top

Separate research from Compare the Market found that more people have been saving money on their car insurance. 

It found the difference between the average and cheapest premiums between June 2020 to August 2020 has fallen over the past three months to 14.75 per cent.

This is down from 15.3 per cent in the last quarter. The savings variable has consistently remained significantly lower than its peak of 17.62 per cent in the first quarter of 2017. 

The reduced difference between suggests that more drivers have been shopping around for their motor insurance, resulting in more pricing competition between insurers as people take advantage of significant savings. 

The research also found that average car insurance premiums have fallen by 7 per cent since the start of the lockdown, as many drivers have been forced off the road and insurers have reduced their prices. 

More recently, premiums have remained flat over the past quarter with a £1 reduction over the past three months. 

Continued support for drivers 

The news come on the back of the Association of British Insurers (ABI) revealing that support to both those working from home due to the pandemic and drivers have been extended until 31 December 2020.

The continued extra support to 27million motor insurance customers means if you have to drive to and from your workplace because of the impact of Covid-19, your insurance policy will not be affected.

Similarly, if you are using your own car for voluntary purposes to transport medicines or groceries to support others who are impacted by Covid-19, your cover will not be affected.

This applies to all categories of NHS Volunteer Responders, including transporting patients, equipment, or other essential supplies.

In no circumstances do you need to contact your insurer to update your documents or extend your cover.

The temporary pledges remain under review with the next review of home and motor insurance taking place in advance of 31 December.

If policyholders have less temporary changes in their working at home or driving patterns that will continue into the next 12 months and are renewing their insurance policy, they should discuss these changes with their insurer.

Laura Hughes, ABI’s Manager of General Insurance, said: ‘The extension of these temporary pledges underlines the commitment of insurers to helping customers through these continued challenging times. 

‘From pledges of extra support, paying over £1.8billion in Covid-related claims, and donating through the Covid-19 Support Fund over £100million to help the most vulnerable, insurers continue to do all they can to help their customers and wider society during the crisis’.

How to save on insurance bills now

Millions of people are needlessly overpaying when their insurance automatically renews. But you don’t have to and it’s easier than you might think to fight back to beat the loyalty penalty.

With our new partner, Compare the Market, you can compare insurance and exclusive deals.

Could you save hundreds of pounds a year on your home insurance, car insurance, travel insurance as well as pet, motorbike and van insurance? Ue the tool to check.

>> Check to see if you can start saving money now  

This post first appeared on dailymail.co.uk

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ITV, KPMG and Diageo are among 20 top firms in race pledge

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itv kpmg and diageo are among 20 top firms in race pledge

ITV, KPMG and Diageo are among 20 top firms pledging to have at least one ethnic-minority director on their boards by 2024. 

The group, which also includes PwC, Axa and Pearson, will publish a plan to increase diversity at the highest levels and disclose the ethnicity pay gap within two years as part of the Confederation of British Industry’s Change the Race Ratio campaign. 

Change: ITV is part of a group that will publish a plan to increase diversity at the highest levels

Change: ITV is part of a group that will publish a plan to increase diversity at the highest levels

Change: ITV is part of a group that will publish a plan to increase diversity at the highest levels

A report in February found 37 FTSE 100 firms had no black or ethnic-minority directors. 

This month, Legal & General, one of Britain’s biggest institutional investors, told FTSE100 firms with all-white boards it will vote against them unless they hire an ethnic-minority director within 15 months.

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Outsourcer Capita accused of destroying property firm

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outsourcer capita accused of destroying property firm

Capita may be forced to sell a prestigious property developer at a loss following allegations that its bosses ‘destroyed’ the company. 

The outsourcing firm bought GL Hearn, which has worked on the regeneration of Swansea city centre and the expansion of Luton Airport, in a deal worth up to £30m in 2015. 

Bosses said it would be a ‘transformative’ addition to the company – but it is now thought the firm will fail to recoup its investment. 

Under the microscope: Capita bought GL Hearn in a deal worth up to £30m in 2015

Under the microscope: Capita bought GL Hearn in a deal worth up to £30m in 2015

Under the microscope: Capita bought GL Hearn in a deal worth up to £30m in 2015

GL Hearn is one of half a dozen or so businesses Capita intends to offload to raise £200m – including its events and translation divisions. 

The Mail understands that the sales process has been put on hold temporarily – but the businesses are still earmarked for disposal. 

Alarm bells began ringing at GL Hearn last year when a string of senior employees, including the planning director and head of strategic planning, left for rival firms. 

In October an entire team of nine town planners quit to join rival Knight Frank. 

Capita, which collects the BBC licence fee and runs the London congestion charge, has been accused of turning the firm into a ‘sinking ship’. 

One employee, who claimed to have worked for the developer for three years, said: ‘It has been eviscerated following its acquisition and mismanagement by Capita.’ 

Another said it had been a ‘very good multi-disciplinary consultancy with an enviable reputation’ but was ‘a rump of its former self’ and ‘unsalvageable’ after Capita ‘destroyed the company for good’. The allegations were made on the Glassdoor website, where employees can leave reviews of their workplaces. 

Capita has issued a string of profit warnings in recent years and made a £62m loss in 2019. It has suffered under the pandemic, taking a 10 per cent hit to revenue in the first half of 2020. 

It recently sold Eclipse, its legal software business, for £56.5m and may flog its education software arm, ESS, which helps schools record student attendance, manage lunch payments and keep in touch with parents, for up to £500m. 

The sale plans are the result of a tricky restructuring initiated by chief executive Jon Lewis, who took over after predecessor Andy Parker was ousted, to move the company away from low-value, labour-intensive contracts to more lucrative hi-tech work. 

Capita declined to comment last night.

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Britain on brink of double-dip recession due to Covid

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britain on brink of double dip recession due to covid

Britain is on the brink of a double-dip recession because Covid restrictions are ‘squeezing activity’, economists warn. 

They predict a GDP crash this winter as the second wave bites and jobs are lost. 

'Squeezing activity': Economists predict a GDP crash this winter as the second wave bites and jobs are lost

'Squeezing activity': Economists predict a GDP crash this winter as the second wave bites and jobs are lost

‘Squeezing activity’: Economists predict a GDP crash this winter as the second wave bites and jobs are lost

George Buckley, from Nomura, said the UK would experience a ‘lopsided W-shaped recovery’ with a ‘second, smaller dip in GDP over the winter’. 

Capital Economics said the economy was taking a worrying turn after purchasing managers’ index scores fell for two months even before restrictions ‘begin to bite’. 

Paul Dales, its chief UK economist, said: ‘The trajectory is worrying and suggests Covid restrictions in September are squeezing activity. It’s not looking good.’

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