Motorists Missing Out on £1 Billion
If it's that time of year when you have to renew your car insurance [http://www.quinn-direct.com/car-insurance/young_driver.html] you may be able to save a significant amount of cash by shopping around. As households are feeling the recession bite it is recommended that you look to your policies to cut down on your outgoings. Researchers from Go Compare have calculated that you could reduce your car costs by a whopping £207 if you shop around for your motor insurance.
Up to 19 per cent of drivers do not benefit from insurance deals because they keep renewing policies with their current provider rather than opting to take cut price deals from another company. The study showed that this leads to five million motorists paying £1 billion more each year than they have to. One of the reasons that people do not think about changing their insurance is because they mistakenly believe that if their policy was the cheapest they could find last year it will be the best deal this year.
However, Hayley Parsons, from the firm, is encouraging drivers to look around and check to see what other offers are available which could help reduce your outgoings. She said: "Hundreds of thousands of motorists still mistakenly believe that because their insurer gave them a great deal in the past they are bound to still be competitive now. "Our experience shows that insurers almost always offer more attractive quotes to new customers than they do to their existing clients and it is encouraging to see this message is gradually getting through."
If you are one of the 27 per cent of drivers who would change their insurer if their premiums were reduced you are advised to check out what deals are currently on offer from other providers. When you have settled on an insurance provider there are often ways in which you can help to decrease the price of the policy. For instance you could lower your level of cover to Third Party Fire and Theft, as this is sometimes cheaper than going Fully Comprehensive.
You could also ask your policy provider what extras they can give you as part of your insurance. These can include free breakdown cover that would get you back on the road should your car fail while you are at home or travelling. If you are budgeting and cannot afford to pay your insurance in a lump sum, check to see if your insurer can offer a monthly payment plan that would better-suit your finances. Some insurers will also let you pay you premium via a monthly direct debit system, which can help you budget.
Up to 19 per cent of drivers do not benefit from insurance deals because they keep renewing policies with their current provider rather than opting to take cut price deals from another company. The study showed that this leads to five million motorists paying £1 billion more each year than they have to. One of the reasons that people do not think about changing their insurance is because they mistakenly believe that if their policy was the cheapest they could find last year it will be the best deal this year.
However, Hayley Parsons, from the firm, is encouraging drivers to look around and check to see what other offers are available which could help reduce your outgoings. She said: "Hundreds of thousands of motorists still mistakenly believe that because their insurer gave them a great deal in the past they are bound to still be competitive now. "Our experience shows that insurers almost always offer more attractive quotes to new customers than they do to their existing clients and it is encouraging to see this message is gradually getting through."
If you are one of the 27 per cent of drivers who would change their insurer if their premiums were reduced you are advised to check out what deals are currently on offer from other providers. When you have settled on an insurance provider there are often ways in which you can help to decrease the price of the policy. For instance you could lower your level of cover to Third Party Fire and Theft, as this is sometimes cheaper than going Fully Comprehensive.
You could also ask your policy provider what extras they can give you as part of your insurance. These can include free breakdown cover that would get you back on the road should your car fail while you are at home or travelling. If you are budgeting and cannot afford to pay your insurance in a lump sum, check to see if your insurer can offer a monthly payment plan that would better-suit your finances. Some insurers will also let you pay you premium via a monthly direct debit system, which can help you budget.