Save over £200 in car costs If you have just purchased an auctioned vehicle you are likely to be trying to sort out the best car insurance deal. As household purse strings are pulled tighter it is more important than ever that you save as much money as you can by shopping around for insurance policies. A recent study by Go Compare shows that motorists can reduce their car costs by a staggering £207 each year by changing their insurance provider. The research revealed that 19 per cent of drivers do not bother to read the small print of renewal policies and instead just sign on the line and stay with the same company. However, figures show that up to five million people are missing out on a saving of £1 billion every year due to not switching provider. In addition, 27 per cent of drivers believe that because an insurance company offered one of the cheapest deals previously they will extend a similar deal to their customers when they renew. Hayley Parsons, chief executive of the firm, explained that this was often not the case and you are more likely to get a better car insurance deal if you swap provider. "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," said Ms Parsons. "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." Up to 27 per cent of drivers revealed that they would be willing to switch insurer if any saving was made and a huge 81 per cent said they would reconsider who they got their polices from if bills were cut by £75. Once you have looked around and settled on a policy check to see if there is any way that you could further lower your premiums. Examples include opting for reduced coverage and getting a Third Party Fire and Theft policy rather than a Fully Comprehensive type. It is recommended that you check to see if any extras are included in your insurance that you would normally pay for, such as free breakdown cover. Some insurers will also let you pay your premium via a monthly direct debit system, which can help your budget. |
