March is traditionally the month when drivers renew their insurance policy, and according to research by Saga, nearly three million motorists have downsized to a smaller car in recent months to save on insurance costs at policy renewal.
Eight percent of motorists - 2.7 million drivers -have opted for a car with a smaller engine to reduce their monthly insurance bill, as well as cutting back on fuel and tax costs.
A further 8% have increased their voluntary excess to reduce monthly insurance premiums, whilst 4% have removed named drivers from their policy.
One in twenty (5%) motorists have removed optional extras from their policy, such as breakdown cover or legal expenses.
Three quarters (73%) of drivers, however, have not yet done anything to reduce their insurance costs.
Saga chief executive Andrew Goodsell encouraged more drivers to take ’simple steps’ to reduce the cost of policy renewal.
Goodsell said: “Remembering to update your car insurance policy as your needs change can help save money on monthly premiums at a time when many people are looking to reign in their spending.
“However, it’s important to ensure the quality of the cover isn’t compromised and the policy still meets all your needs.”
Monday, 23 March 2009
One in five motorists drive without insurance
One in five motorists admitted to driving a car without insurance in a recent survey by moneysupermarket.com.
The price comparison site found that 19% of drivers have broken the law by getting behind the wheel of a vehicle they weren’t insured to take on the road.
Nearly a tenth (9%) of motorists have driven their own car without insurance, whilst 8% have driven someone else’s car whilst not adequately insured.
Men are more likely than women to flout insurance laws, with one in four admitting to driving whilst uninsured, compared to one in six women.
Andy Leadbetter, moneysupermarket.com director of insurance, said: “It is a shame to see so many of us have taken to the roads when uninsured to drive, and this year’s results reveal a worrying trend.
“In 2008 we found 15 per cent of motorist admitting to the offence so 2009 has seen an unfortunate increase.”
He added that penalties for those caught driving without insurance include a £200 on-the-spot fine and six points on their driving license.
The uninsured vehicle can also be impounded, with a £150 collection charge and £20 per day storage fee.
“If Brits are forgoing their motor insurance for cost reasons it clearly is a false economy,” Leadbetter said.
The price comparison site found that 19% of drivers have broken the law by getting behind the wheel of a vehicle they weren’t insured to take on the road.
Nearly a tenth (9%) of motorists have driven their own car without insurance, whilst 8% have driven someone else’s car whilst not adequately insured.
Men are more likely than women to flout insurance laws, with one in four admitting to driving whilst uninsured, compared to one in six women.
Andy Leadbetter, moneysupermarket.com director of insurance, said: “It is a shame to see so many of us have taken to the roads when uninsured to drive, and this year’s results reveal a worrying trend.
“In 2008 we found 15 per cent of motorist admitting to the offence so 2009 has seen an unfortunate increase.”
He added that penalties for those caught driving without insurance include a £200 on-the-spot fine and six points on their driving license.
The uninsured vehicle can also be impounded, with a £150 collection charge and £20 per day storage fee.
“If Brits are forgoing their motor insurance for cost reasons it clearly is a false economy,” Leadbetter said.
Moneysupermarket adds to home and motor panels
Virgin, Churchill and Privilege all sign up
Moneysupermarket has added Virgin, Churchill and Privilege to its motor and home insurance panels.
The price comparison site now has 91 partners on its motor panel, while its home insurance panel has increased to 50.
Andy Leadbetter, managing director of insurance at Moneysupermarket, said: “We strive to provide the widest range of car insurers for our customers to compare and are delighted to now offer these new insurance providers. Customer feedback tells us that choice, and clear, impartial information about car insurance policies is important and we want to deliver this to our users. We are constantly expanding and upgrading the service we offer so consumers get exactly what they need as quickly and efficiently as possible.”
"In 2008 moneysupermarket.com launched its ‘next generation’ motor insurance channel, with improved functionality and questions which removed the need for assumptions. Motor insurance quotes should now be 100 per cent accurate – the price customers see is the actual price they pay. The addition of the dynamic Policy Wizard function means consumers can tweak and tailor their policy to add and remove features whilst clearly viewing the premium price update in real time.
He continued: “Through the next generation motor insurance tool we are confident we offer the best motor comparison service which is easy to use, with powerful features and a huge percentage of the market available to compare. Whilst price is still a key consideration, consumers also want to compare the features included in their insurance product, and our new tool makes it quick and easy to find the right product at the right price.”
“Alongside the motor insurance offerings we are pleased to welcome these home insurance providers to our listings. We look forward to continuing to increase this selection – thereby offering customers a wider choice and more comprehensive view of the home insurance market.”
Moneysupermarket has added Virgin, Churchill and Privilege to its motor and home insurance panels.
The price comparison site now has 91 partners on its motor panel, while its home insurance panel has increased to 50.
Andy Leadbetter, managing director of insurance at Moneysupermarket, said: “We strive to provide the widest range of car insurers for our customers to compare and are delighted to now offer these new insurance providers. Customer feedback tells us that choice, and clear, impartial information about car insurance policies is important and we want to deliver this to our users. We are constantly expanding and upgrading the service we offer so consumers get exactly what they need as quickly and efficiently as possible.”
"In 2008 moneysupermarket.com launched its ‘next generation’ motor insurance channel, with improved functionality and questions which removed the need for assumptions. Motor insurance quotes should now be 100 per cent accurate – the price customers see is the actual price they pay. The addition of the dynamic Policy Wizard function means consumers can tweak and tailor their policy to add and remove features whilst clearly viewing the premium price update in real time.
He continued: “Through the next generation motor insurance tool we are confident we offer the best motor comparison service which is easy to use, with powerful features and a huge percentage of the market available to compare. Whilst price is still a key consideration, consumers also want to compare the features included in their insurance product, and our new tool makes it quick and easy to find the right product at the right price.”
“Alongside the motor insurance offerings we are pleased to welcome these home insurance providers to our listings. We look forward to continuing to increase this selection – thereby offering customers a wider choice and more comprehensive view of the home insurance market.”
Insurance renewal forms confuse householders
Home insurance renewal forms are the most confusing documents received through the post, according to a poll of UK households.
Research commissioned by Gocompare.com found that 24% of Brits simple file their home insurance documents and allow the policy to renew automatically because they find the renewal documents too confusing.
Gocompare warns that because of this confusion, many insurance customers are missing out on the best available deals.
In addition, because the documents are not read through properly, insurance customers could be buying an inappropriate policy, or leaving themselves underinsured.
Hayley Parsons, Gocompare.com chief executive, said: “The language used and the technical nature of renewal documents make them a less than compelling read.”
However, she warned that householders should read through the documents to ensure they are getting good value for their premium payments, and to check that they have the right cover for their needs.
Utility bills were the second most difficult document for households to understand, with 20% of those polled finding them frustrating to read
Research commissioned by Gocompare.com found that 24% of Brits simple file their home insurance documents and allow the policy to renew automatically because they find the renewal documents too confusing.
Gocompare warns that because of this confusion, many insurance customers are missing out on the best available deals.
In addition, because the documents are not read through properly, insurance customers could be buying an inappropriate policy, or leaving themselves underinsured.
Hayley Parsons, Gocompare.com chief executive, said: “The language used and the technical nature of renewal documents make them a less than compelling read.”
However, she warned that householders should read through the documents to ensure they are getting good value for their premium payments, and to check that they have the right cover for their needs.
Utility bills were the second most difficult document for households to understand, with 20% of those polled finding them frustrating to read
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