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Earthquake continues to disrupt automobile market months later
Saturday, January 14th, 2012 
The devastating Japanese earthquake this spring continues to send ripples through the automotive industry, causing prices to increase. The average price of a new car is up $350 this year, according to Edmunds.com. Not only did Japanese carmakers stop production, but parts shortages have forced other car manufacturers to slow down, Forbes reports. This is causing dealerships to have lower inventories and offer fewer incentives. Worth the wait Some experts believe car shoppers who are interested in buying a new car may want to wait until later in the year until production can get back to normal, the media outlet reports. For individuals who have a lease expiring in the next few months, trying to extend it through the end of the year may be beneficial. Taking over the end of someone elses lease is also an option individuals may want to consider.
Homeowner’s insurance: Who’s going to pay the bills when you can’t go home?
Monday, January 9th, 2012Your home insurance policy typically covers the cost to replace personal property and make structural repairs to your home when disaster strikes. But who pays your expenses when your home is temporarily uninhabitable?
All kinds of disasters can strike your home. For instance, thousands of fires damage homes each year. The U.S. Fire Administration reports that in 2010, more than 362,000 residential fires were caused by such things as cooking mishaps and electrical malfunctions. These blazes resulted in more than $6.6 billion in property losses.
People dont think about what happens if, say, their house is by fire and it takes eight or nine months to rebuild, says David Walker, president of Hartland Insurance Agency in Hartland, Mich.
During that time, you have to live someplace else, but your mortgage company still will expect payments. Ditto for the electric company, the tax collector and so on.
OFT call for evidence on car insurance
Sunday, January 8th, 2012Acting on reports that comprehensive car insurance premiums have risen by as much as 40% in a year, the Office of Fair Trading (OFT) has issued a call for evidence.
The watchdog wants to establish the background to accounts of soaring private motor premiums, so it can consider whether further work is needed to improve the way the market works.
Consumer and competition issues will be identified and as part of its work, the OFT says it is particularly interested in examining reports that car insurance premiums in Northern Ireland are significantly higher than in the rest of the UK.
Insurers and others can submit their views on: the role of price comparison sites; the provision of credit hire replacement vehicles to drivers who are involved in accidents that are not their fault; insurance companies use of panels of approved repairers, and ancillary products that are sold by insurance companies in addition to standard motor insurance cover.
In the meantime, the OFT will continue to work with the Ministry of Justice, the Financial Services Authority and other government departments in this area, and will published its findings in time for Christmas.
According to the AAs British Insurance Premium Index, the shoparound average for annual comprehensive car insurance cover rose by 40.1% for the 12 months ending 31st March 2011.
Meanwhile, Northern Irelands Consumer Council claims that premiums across the Province have shot up by almost 73% in the last two years, with younger drivers worst hit and typically paying more than double the price for being legally on the road than in 2009.