Average UK home and car insurance costs to fall under watchdog plans

A watchdog will tell car insurance firms not to charge existing customers more to renew than they charge new customers. Photo: PA
A watchdog will tell car insurance firms not to charge existing customers more to renew than they charge new customers. Photo: PA

Home and car insurance firms are set to be banned from charging existing customers more than new ones, under a watchdog’s “radical” plans that could save customers £370m ($473m) a year.

The Financial Conduct Authority (FCA) announced a proposed crackdown on “harmful pricing practices” on Tuesday, as it unveiled a consultation on plans to shake up the home and car insurance industries.

Around 6 million customers pay “high or very high” prices for such insurance, according to the FCA. They would save a total of £1.2bn a year if they paid the average cost for customers of the same risk level.

“The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to

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25 Extra Grocery Costs You’re Probably Forgetting About

If you’re like most people, you have a grocery budget, which means that you have allotted a certain amount of money for each trip to the store. Depending on price bumps and whether you’re forced to substitute a more expensive product for the one you actually wanted, it can be tough to roll out of the grocery store without going over your set-aside amount.

But there are certain items you might be buying at the grocery store that can cost more than what you really have to pay. For example, some products might be convenient to use, but the price you’re paying to escape food prep might not be worth it. Other products just aren’t wise to buy at the grocery store because you can purchase the same thing much cheaper somewhere else.

Last updated: Sept. 10, 2020

At the grocery store, you can purchase 32 ounces of medium cheddar … Read More

25 Sneaky Car Dealership Tricks To Avoid at All Costs

Car dealers have a bad reputation as shady hustlers who exist only to fast-talk suckers out of their money. The truth is, many are scrupulous business people who trade on their reputations and work hard to cultivate relationships with long-term customers. But buying a car can be confusing and overwhelming, and plenty of dealers earn their bad reps by talking you into a car loan you don’t need.

Last updated: Sept. 9, 2020

The Old Bait-and-Switch Trap

Although it’s certainly not unique to the auto industry, the bait-and-switch scam is one of the oldest tricks in the book. Whether through an ad, an online post or a conversation on the phone, the dealer promotes a great deal on a vehicle to lure the customer into the showroom. Upon arriving, however, the dealer informs the starry-eyed buyer that the specific car from the promotion has just been sold, but a similar

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Royal Mail lifts revenue target, sees loss on growing costs

(Reuters) – Royal Mail on Tuesday raised its revenue target for the current year, driven by a jump in online shopping parcel volumes, but forecast an annual loss due to costs related to the COVID-19 pandemic and the changing nature of its business.

The company said it expects revenue to be 75-150 million pounds higher year-on-year for the fiscal year 2020-21 under a scenario that does not assume another lockdown, compared with its previous forecast of a decline of 200-250 million pounds.

Royal Mail’s shares, which have suffered a 26% slump so far in the year, surged 7% to lead gainers on the FTSE 250 midcap index by 0706 GMT.

The company said net cost estimate from the shift in its business from letters to parcels was now 140-160 million pounds versus the earlier assumption of 110 million pounds. It also revised its estimate of costs related to the global

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15 Coronavirus Scams To Avoid at All Costs

The coronavirus pandemic has put many Americans in a state of constant fear — fear about their economic stability, their health and the health of their loved ones. Unfortunately, fear can make you an easy target for scammers who are peddling everything from the coronavirus “cures” to get-rich-quick schemes.

coronavirus-related offers you should avoid.” data-reactid=”18″Before you hand over any personal information or payment to anyone, beware of these 15 coronavirus-related offers you should avoid.

1. Economic Stimulus Check Scams

Although most Americans who qualified for a stimulus check already received it, those who haven’t could be desperate to get their hands on their checks and end up falling prey to scammers because of that. Scammers have been promising unwitting stimulus check recipients that they can receive their money faster by clicking a link sent via text

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17 Surprising Ways Penny-Pinching Costs You More

It’s hard to resist seemingly good deals when we see them, whether it’s a bargain home in a pricey neighborhood, a tempting cable company promotion or a $10 T-shirt. But sometimes deals that seem too good to be true actually are. Although the initial investment might be low, it could end up costing you in the long term, whether through maintenance costs or missed opportunities to put your money toward a more worthwhile purchase.

you’re hunting down deals and steals, you want to make sure that they’re ones that will pay off.” data-reactid=”18″GOBankingRates spoke to financial experts to find out which seemingly “good deals” you should always avoid. After all, if you’re hunting down deals and steals, you want to make sure that they’re ones that will pay off.

You might be able to find a great … Read More

Here’s how parents can cut back-to-school costs for remote learning

True to form, the pandemic has infiltrated another time-honored tradition: back-to-school season.

With millions of Americans already struggling financially, sending children back to school got more expensive with spending up nearly $100 from the previous year to an average of $789.49 per family, according to the National Retail Federation (NRF).

“By any measure, this is an unprecedented year with great uncertainty, including how students will get their education this fall, whether they are in kindergarten or college,” NRF President and CEO Matthew Shay said.

Pandemic-era back to school spending is forecasted to top the $100 billion mark for the first time. (Photo: Getty)
Pandemic-era back to school spending is forecasted to top the $100 billion mark for the first time. (Photo: Getty)

Parents of school-aged children are now spending more money on supplies, so their young scholars are poised to learn online, in person, or a hybrid of the two — with the understanding that their current arrangement might change at a moment’s notice.

As a result of the

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35 Ways To Slash Your Car Costs

For most Americans, car ownership requires a lot more than plunking down payment and flooring it. In fact, owning and operating a new vehicle in 2019 cost drivers an average of $9,282 annually, according to AAA. And if you drive 15,000 miles or more a year in a pickup truck, for example, those average figures can skyrocket to over $10,800.

how to own a car without coughing up a fortune.” data-reactid=”13″But it’s not all bad news. With good driving habits, a little insurance know-how and a touch of DIY maintenance, you can put the top down and cruise your way to reduced annual costs. Click through to find out how to own a car without coughing up a fortune.

Drive Safely — No, Really

Keep calm and drive on. It sounds easy till you’re running late

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A Week At A University In Detroit, MI, That Costs $30,000 A Year

Welcome to Money Diaries College Edition where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.

Today: a public health major at a university that costs $30,000 per year who spends some of her money this week on a cupcake.

Major: Public Health with Pre-Med
Age: 21
Location: Detroit, MI
University Size: 25,000
Yearly Tuition Cost: $30,000 (I am on a full merit scholarship that covers my tuition, housing, and meal plan)
Current Student Loan Total: $0
Salary/Allowance: I work as an MCAT tutor, which pays $25 an hour (I work three hours a week) and as a peer mentor for my university, which pays $10 an hour (our hours were reduced to 10 hours/week due to COVID)
Paycheck Amount (Every two weeks): $275
Pronouns: She/her

Monthly Expenses

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How COVID-19 Is Changing the Way Families Save for College Costs

<strong>Ryan Ermey</strong>: With the fall semester fast approaching, the COVID-19 pandemic has cast a shadow of uncertainty over higher education. Kevin Walker of joins us for a discussion of how the landscape has changed for colleges, students, and parents alike in our main segment. On today’s show, Sandy and I talk tax refund delays and answer reader mail about how to pay for a new home in retirement. That’s all ahead on this episode of Your Money’s Worth. Stick around.

<strong>Ryan Ermey</strong>: Welcome to Your Money’s Worth. I’m Kiplinger’s associate editor Ryan Ermey joined as always by senior editor Sandy Block. And we’re talking tax refunds here in the first segment, Sandy. My question to you to kick things off is did you get your refund?

<strong>Sandy Block</strong>: I owed the IRS. So to me, this is a nice problem to have. But here’s the deal, the deadline for … Read More