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  1. #141
    VXRacing ahead ChrisKnottIns's Avatar
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    28th February 2008
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    CHRIS KNOTT'S SILVERSTONE F1 PRIZE DRAW - MORE GOOD NEWS: Extra prize opportunities added

    OK, so this prize just got even more exciting thanks to Silverstone...

    On top of the GP tickets you could win in the Chris Knott Prize Draw, Silverstone is adding the daily chance for ticketholders to win some 'money can't buy' prizes between 10th March and 23rd March.

    As we've already purchased the Chris Knott prize tickets those tickets are eligible for each day's entry in Silverstone's draw.

    Prizes you could win in addition to our 2x British Grand Prix Grandstand Tickets include:
    # Lunch in a Team Motorhome during the British Grand Prix weekend.
    # Paddock Passes
    # Garage Tours at the British Grand Prix
    # Main Stage Backstage Passes for The Grand Prix After Party


    Just ask us for an insurance quote under our special car club scheme before 31st May for automatic entry in the Chris Knott Spring Prize Draw. Existing CK clients with renewals invited during the qualification period are also automatically entered for the draw.

    QUOTELINE: 0800 917 2274

    ONLINE: Callback Request Form

    Of course, if we are notified of an extra win in the Silverstone draw we'll let you know ASAP or you can check for yourself at http://www.silverstone.co.uk/formula1-countdown

    However, even if it's just the Grandstand tickets that you win that's still a great prize and it's worth 500 of your british pounds.

    We look forward to offering you a car quote when your car insurance renewal falls due - please include us in the mix and for your chance to win.

    best,
    Nick

    Chris Knott Insurance – official forum insurance partner
    Please call 0800 917 2274 (or 01424 200477 - cheaper for mobiles)
    and QUOTE REF: 788-VXR
    Like us on Facebook - Prize Draw @ 1000 LIKES

  2. #142
    VXRacing ahead ChrisKnottIns's Avatar
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    28th February 2008
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    UK's car insurance premiums on the rise again.

    For those interested, here's a copy of an article we wrote for the Saab Owners Club GB magazine in early February about the potential for insurance premium increases across the whole market.

    "As we move into the year we know that Article 50 will be invoked by the PM and negotiations for our exit from the EU will begin. The EU has been blamed for much of the heavy regulation we see in UK industry. However, without influence from Europe, changes to personal injury claims are likely following a recent review by our own Ministry of Justice (MoJ) that will impact the current easy target – the motorist.

    The government has already increased Insurance Premium Tax to 12% (effective from 1st June this year) and the proposed amendments to injury pay-outs are tipped to increase insurance costs further, particularly for those of us driving on the UK’s roads.

    Currently, when a personal injury award is made the total is discounted by a factor (known as the Ogden Rate) to account for the expected additional return when the lump sum is invested by the recipient. We’re considering sums here that are awarded to cover loss of earnings, increased life-long care costs for someone majorly affected by an accident or even death. The Ogden Rate is designed to ensure that someone is not under- or over-compensated. At the moment this discount rate is set at 2.5% and it has been at this level since 2001.

    The MoJ wants to reduce the discount rate to reflect the current interest rates, meaning that an insurer’s share of any pay-out would increase. The industry body, the Association of British Insurers (ABI), launched a legal challenge to the MoJ’s review in December on the basis that there has not been proper consultation but the High Court rejected the ABI’s concerns. ABI representatives say the reduction comes “at a time of significant global financial uncertainty” and one insurer’s analysis suggests that a 1% decrease in the Ogden Rate would wipe £190 million off its profits. Does this mean that insurers will want to pass on the costs to the policyholder? Most probably.

    A decision is imminent, though the 30th January deadline has already been missed and an announcement has been promised, by the Lord Chancellor, for February. One thing’s for sure, this is a hot topic in the industry at the moment and the ramifications for insurers and, potentially, car insurance purchasers are greater than even the tax rise and the MoJ’s whiplash reforms."


    On February 27th the Ogden Rate was indeed reduced, from 2.5% to -0.75%. The drop was much bigger than the industry expected and shares in motor insurance firms plummeted on announcement. It now looks like our prediction was correct and rates are beginning to rise across the board.

    Rest assured, at Chris Knott Insurance we'll still be doing all we can to find you the best car insurance deals out there. As your existing provider increases their rates please call us to see if we can offer you something better under our privileged club/forum scheme for enthusiasts.

    QUOTELINE: 0800 917 2274

    Please mention this club/forum or its unique code when you call to ensure you receive the full benefits of the club scheme.

    best,
    Nick

    PS. As an aside, there is equal implication for the NHS as medical malpractice claims also use the Ogden Rate to calculate compensation.

    Chris Knott Insurance – official forum insurance partner
    Please call 0800 917 2274 (or 01424 200477 - cheaper for mobiles)
    and QUOTE REF: 788-VXR
    Like us on Facebook - Prize Draw @ 1000 LIKES

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