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Older drivers face 8 percent insurance hike for being loyal | Personal Finance | Finance

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Average quotes increased by two per cent in the three months to December, (Image: Getty Images)

Average quotes increased by two per cent in the three months to December, Confused.com said. But many people in their 50s and 60s saw price rises of up to eight percent, edging towards record levels last seen 18 months ago. Prices across all age groups finally began to fall midway through 2017 after years of increases, with the average premium rising from just under £600 in 2014 to nearly £850 three years later.

But experts warned prices are “ramping up” again, with motorists facing average costs of £774, up by £14 in just three months. 

It is the second successive quarterly increase, the comparison website discovered.

Its research comes after separate investigations by the Financial Conduct Authority and the Competition and Markets Authority revealed that customers failing to shop around faced “loyalty penalties”.

Loyal consumers saw their premiums go up by an average of £48, according to analysis of more than six million quotes.

car insurance older driver hike senior driver

Many people in their 50s and 60s saw price rises of up to eight percent (Image: Getty Images)

“This is the last thing drivers need as they face the post-Christmas pinch”

Louise O’Shea, Chief Executive of Confused.com

More than half of drivers renewed with the same firm, suggesting they failed to seek out better deals, according to Confused.com.

Hugh Bladon, of the Alliance of British Drivers, said: “It’s a plague. The insurance companies love playing fastball in the hope they can get away with it.

“Motorists are regarded as having a bottomless pot of money…They seem to assume that if you are driving a car, you have lots of money.

“They just try it on because most people just sign the document, or the standing order, or the direct debit and when that has happened the insurance companies have made a lot of money.”

Confused.com warned that drivers “of a certain age are bearing the brunt of increases”.

It said that 68-year-old drivers “saw the biggest quarterly hike in the cost of their insurance, with the average price increasing eight per cent – equating to £41 – over the past three months to £544”.

The research found this was just £22 less than the most expensive price paid by drivers this age in the third quarter of 2017.

“Motorists aged 59 and 67 also saw significant increases, with both ages seeing an extra seven per cent on top of last quarter’s price, equivalent of £35 and £30 respectively.”

Young drivers saw the biggest decrease, with 17-year-olds benefiting from a 16 percent drop, equivalent to £349. 

car insurance older driver hike

It is the second successive quarterly increase (Image: Getty Images)

But they still face “eyewatering” bills averaging £1,855.

Men were hit by higher prices between October and December, as premiums increased by £15 to an average of £817.

The average female motorist saw her premium go up by £11 to £719.

Louise O’Shea, chief executive of Confused.com, said: “Car insurance prices are gathering momentum and have increased for the second quarter running and this quarter we have seen prices rise at a much faster pace.

“This is the last thing drivers need as they face the post-Christmas pinch.

“All motorists should be shopping around for the best deal, whether they are a new driver or renewing for the tenth year, as there is always another insurer out there willing to offer you a better deal.”

But Malcolm Tarling, from the Association of British Insurers, said the amount paid by consumers had fallen despite rising quotes.

He said the average premium paid in the third quarter of 2018 was £471, down from £477 in the previous quarter.

car insurance older driver hike senior drivers

Loyal consumers saw their premiums go up by an average of £48 (Image: Getty Images)

Mr Tarling added: “Unlike other motor insurance premium surveys, our Tracker shows the price consumers actually pay for their motor insurance, as opposed to prices quoted.

“Motor insurance remains a very competitive market, with premium differences between insurers for the same risk varying.

“So for both new and existing customers, it is a good idea to shop around to get the policy that best suits your own needs at the best price.”

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Canadian Tire and NuPort Robotics to commercialize Canada’s first automated heavy duty trucks

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Canadian Tire Corporation and Toronto based start-up NuPort Robotics, Canada’s first autonomous trucking company, are partnering with the Ontario government to invest $3 million to undertake an automated heavy duty trucking project to test a “first-of-its-kind-in-the-world” technology. 

The breakthrough technology provides a transportation solution for the middle mile, the short-haul shuttle runs that semi-tractor trailers make between distribution centres, warehouses and terminals each day.

It is designed to enable next-generation automated trucks that are more fuel efficient, safer to operate, and provide an enhanced driver experience.

Backed by $1 million in support from the Ontario government through Ontario’s Autonomous Vehicle Innovation Network and matched by $1 million investments from Canadian Tire and NuPort Robotics, respectively, the two-year project is applying proprietary, artificial intelligence technology from NuPort Robotics to retrofit two conventional semi-tractor trailers – which will always be attended by a driver – with high-tech sensors and controls, a touchscreen navigation system, and other advanced features such as obstacle and collision avoidance.

Caroline Mulroney, Minister of Transportation, says: “Ontario is proud to be a global leader in automated and connected vehicle technology and this innovative project is an exciting milestone toward automated vehicle tech in the trucking industry.

“Ontarians rely on goods being delivered by trucks across the province every day and projects like this are demonstrating the ways that automated truck technology could help businesses meet delivery demands more efficiently while supporting a strong supply chain in Ontario.”

Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade, says: “This project applies unique and made-in-Ontario Artificial Intelligence technology that offers increased safety and efficiency, with a reduced carbon footprint, to the goods supply chains on which we all rely.

“This is the latest example of how Ontario’s Autonomous Vehicle Innovation Network acts as a catalyst, fostering partnerships between ambitious technology start-ups and industry to develop and commercialize next generation transportation technologies that strengthen our economy and benefit society.”

Raghavender Sahdev, CEO of NuPort Robotics, says: “The trucks are currently transporting goods between a Canadian Tire distribution centre in the Greater Toronto Area and nearby rail terminals within a 12.5 mile radius, and early results are promising.

“The aim of the project is to develop a system that incorporates an autopilot feature for conventional trucks with a driver, leading to the most efficient way to drive and increase safety.

“The sensors work as a ‘safety cocoon’ to cover blind spots and prevent accidents and the end result is peak fuel efficiency, meaning lower carbon emissions, and peak driving performance for an overall more optimal transportation experience.”

NuPort Robotic’s approach to autonomous trucking is unique in the industry because it focuses only on solving the middle mile challenge, using a known set of predetermined trucking routes that are repetitive and high frequency as opposed to general highway driving.

Ultimately, when implemented on fixed routes in the future, Canadian Tire will benefit from faster commercial deployments and improvements in supply chain sustainability.

Gary Fast, vice-president of transportation, Canadian Tire, says: “Canadian Tire embraces innovation and is always testing new technologies to improve our operational efficiency and safety.

“As proud Canadian companies, the safety of all stakeholders, including drivers, employees, customers, and public will be the top priority as we work together towards deployment of this technology.”

Cari Covent, vice president of intelligent automation, Canadian Tire, says: “Over the last three years, Canadian Tire has made a significant effort to solve complex business problems by using the Canadian start-up Artificial Intelligence ecosystem, and NuPort Robotics exemplifies what we look for in a start-up with a focus on innovation, automation and artificial intelligence.”

Sahdev says: “As NuPort Robotics continues to develop new technologies to overcome middle mile supply chain problems and advance autonomous trucking, I am extremely grateful for the support of the Ontario Government through AVIN and the Ontario Centre of Innovation.

“With their continued support, we are striving to position Canada as the leader in autonomous transportation.”

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Constellation Software is money in the bank, this fund manager says

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If you’re looking for a long-term hold in Canadian tech then Constellation Software (Constellation Software Stock Quote, Chart, News, Analysts, Financials TSX:CSU) should definitely be on your radar. So says Jason Del Vicario of Hillside Wealth Management who likes not only Constellation but its recent spin-off Topicus (Topicus Stock Quote, Chart, News, Analysts, Financials TSXV:TOI) which Del Vicario says could do even better than CSU over the next ten years.

Software consolidator Constellation has been running on the same game plan for years, buying small vertical market software companies providing so-called mission critical software solutions globally. Over the years CSU has completed over 500 such acquisitions, buying the top names in their respective niche verticals and then using its clout and breadth to grow the business and expand into new markets. The resulting cash flow is then plowed back into more acquisitions and the cycle repeats.

The strategy has worked wonders for Constellation, which has grown its revenue from $631 million in 2010 to almost $4 billion for 2020 while taking earnings from $4.12 per share in 2010 to $20.59 per share this past year.

Shareholders were given a special treat last month when Constellation spun out recently acquired Topicus, giving CSU owners about 1.9 Topicus shares for every Constellation share as a dividend-in-kind. Constellation bought Netherlands-based software company Total Specific Solutions BV (or TSS) in 2013 and that subsidiary recently acquired Topicus BV, a Dutch information service company focusing on sectors such as healthcare, education and finance.

Topicus was singled out by Constellation founder Mark Leonard for its ability to grow without using outside shareholder funding. Leonard said the spin-out was part of the intention since a purchase agreement was struck last year.

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Nuvei wins price target raise from National Bank

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Strong quarterly results and an even brighter outlook for 2021 are reasons to celebrate for Canadian payments company Nuvei (Nuvei Stock Quote, Chart, News, Analysts, Financials TSX:NVEI), according to National Bank Financial analyst Richard Tse. In an update to clients on Wednesday, Tse left his rating unchanged at “Outperform” while raising his price target from C$85.00 to C$100.00.

Montreal-headquartered Nuvei is a provider of payment technology solutions to merchants and partners around the world, with a platform geared for high-growth mobile commerce and e-commerce markets. Nuvei’s solutions include a fully integrated payments engine with global processing capabilities, a turnkey checkout solution and a suite of data-driven business intelligence and risk management tools and services.

The company released its fourth quarter and full year 2020 financials on Wednesday, showing Q4 revenue of $115.9 million, up 46 per cent year-over-year, and adjusted EBITDA of $51.3 million, up 61 per cent year-over-year. Total dollar value of transactions processed by merchants (‘total volume’) with Nuvei rose by 53 per cent to $13.9 billion. (All figures in US dollars except where noted otherwise.)

The 2020 year featured revenue up 53 per cent to $375.0 million and adjusted EBITDA up 87 per cent to $163.0 million, with total volume rising a full 76 per cent year-over-year to $43.2 billion.

“Our performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable and feature-rich technology platform which provides one of the industry’s most complete payment technology solutions going well beyond merchant acquiring,” said Philip Fayer, chairman and CEO, in a press release.

The company said the fourth quarter represented the strongest growth yet experienced by Nuvei, driven by wallet share expansion from current merchants along with accelerated uptake of new merchants. New e-commerce business almost tripled compared to a year earlier, Nuvei said, while the company expanded its connectivity coverage over the quarter, introduced new product innovations on its platform and continued to execute on M&A.

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