The Office of Fair Trading (OFT) is going to start looking into the excessive increases in car insurance premiums. This is due to the 9 % increase in insurance coverage costs within the first 9 months of this year (2011).

Back in 2010, there was a noticed increase of 12 % throughout the whole year which has already rendered car insurance policy holders strapped for cash. Car insurance providers have stated that the main reason why premiums have risen in the said year is due to the increase in personal injury claims. It is these personal injury costs that have been driving motorists to darker roads.

The investigation of the Office of Fair Trading will focus on third party claims which include car repairs, parts replacement, provisions for alternative transportation yet do not include injuries.

Liberal democrat MP, David Ward, has initiated a campaign that will focus on high car insurance costs and their disadvantages to policy holders. With the investigation of the OFT finally commenced, he promised that a House of Commons Transportation committee will soon follow.

There were more than one thousand respondents who took part in the recent survey initiated by MP David Ward. It was through this survey that annual car insurance premiums were compared. Through this survey, it was disclosed that an average of 63 % was increased on their car insurance premium.

Having seen this staggering percentage in increases MP David Ward decided to commence an online petition which will hopefully urge the Parliament to make an action in creating more affordable car insurance rates. Also, a call for stricter penalties involving uninsured drivers is also prioritized.

InBradford, the premiums are excessively high because this is one of the hotspots for bogus accidents. Due to this, insurance experts fear thatYorkshiremight become a place full of uninsured drivers. In between the months of April and June alone of this year, there has been an increase of 3 % in premiums.

The MP forBradfordhas expressed his delight in the OFT and their commitment to help solve this social issue. As he has mentioned, “This here is a difficult situation and every factor needs to be taken into consideration. If not, it might be possible thatYorkshirewill never see cheaper car insurance rates. In relation to this, the Office of Fair Trading needs to make sure that this kind of behavior is permanently removed. This is to ensure that motorists will be able to get a fair price for their car insurance coverage.”

With young drivers drawing in high car insurance rates, it is no wonder if some of them would work hard in order to lower their insurance costs. In this case, four students from a top university inIrelandhave come up with a brilliant invention in order to lower their car insurance premiums. This certain invention is in the form of a smart-phone application. With the popularity of smart-phones in this current market, it would not come as a surprise if every student would acquire one.

This award winning smart-phone application has the capability of monitoring the driving skills of a driver. It also gives out driving points for following driving rules like sticking to the speed limit and stopping appropriately during the red light. This simple application has the possibility of lowering a car insurance premium by £ 30 and it can also help prevent accidents from happening.

This recent invention was created by four students from the ‘Sligo Institute of Technology’. The main aim of this smart-phone application is by grazing off some of the aggressiveness that most motorists have. Once motorists realize that following street rules is way better than speeding above the allotted limit, the possibility of accidents occurring will most likely decrease.

Since this driving application has the capacity of monitoring your driving skills and techniques, it also has the capacity of reporting your progress for the day. It will record all of your driving techniques, analyze your actions while driving and the road conditions and will eventually report back the results of your driving through a ‘report card’.

On a more technical note, the application will record your engine revs, your speed while driving, your throttle positioning and any G-forces that your vehicle may be under. Hence, it will know exactly when you have gone a little too far with your driving.

The driving monitor application also includes an online leader-board. The leader-board is the part of the application that has the capacity to curb down the aggressiveness of young drivers by providing them with a healthy competition of driving carefully. Car insurance providers can also jump into the loop and provide a discount to the driver with the best ‘report card’.

If all of this actually takes off, these four students may be looking at more than just a lowered car insurance rate. They may be looking at a developer who is willing to take their invention to another level.