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Sky High Insurance Costs Driving Consumers Up The Wall
from:There are few types of insurance that are legally necessary in
the UK - one can choose whether or not to insure his or her
life; the same goes for domestic animals or expensive home
electronic equipment. But car insurance is a legal requirement
should you drive a vehicle on the roads of the UK - driving
without it is tantamount to permissible suicide, and the
punishments are severe. Like it or lump it, getting your car
insured is a cost of life, and is thus frustrating when things
don't go the consumers' way.
Recent news that car insurance premiums rose over 5% during 2007
has scared drivers witless, and has doubtless encouraged some to
take their vehicle out without having the proper insurance.
Research by Sainsbury's car insurance index also found out the
striking difference between average quotes for different age
groups: the average quote for those over 50 was £332.80, whilst
those under 25 found their premiums an average of a whopping
£1,225. These figures are based, of course, on the likelihood of
a crash occurring within drivers of that age range, but the
price will still be a lot to swallow for younger drivers. Joanne
Malone, Sainsbury's car insurance manager, said "Cover and
benefits vary dramatically between insurers but unfortunately,
as many as one in five motorists only obtain one quote when they
buy car insurance, many saying they can't be bothered to shop
around or that they don't have enough time to do this."
Ms Malone is quite right: UK consumers throw a huge amount of
money away each year on overpayment in car insurance premiums.
In fact, the figure comes out as around £1.9 billion annually,
and it makes no sense that consumers are chucking away their
cash on overpriced premiums says Tina Shortle, marketing
director of switchover.com: "With household bills rising ever
higher, it seems crazy that UK consumers should willingly waste
over £1.9 billion by sticking with the same old insurer year
after year." There are ways to save money besides switching:
adding a spouse to the policy can save a lot of money, and
simple things like fitting anti-theft devices and parking your
car off the road can have a huge effect on the price of the
policy. Also, look at exactly what you expect to get from your
policy: do you really need a flash courtesy car if your partner
has a vehicle that they don't regularly use? If you live in a
city and rarely leave, perhaps you could get by on public
transport. Take the train for a change!
Whatever your way of life, if it is essential that it includes
the use of a car, just be sure to shop around. A simple web
search costs nothing and could save hundreds. Be sure of the
type of policy that you need - remember that the law only
requires you to have third-party cover, not full comprehensive
as some insurers would have you believe - and you'll soon be
driving up the road to a stress-free motoring life.
About the author: Jack Harris
Jack is an author of several articles pertaining to Car Insurance. He is known for his expertise on the subject and on other Business and Finance
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New Jersey Auto Insurance News
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