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Posts Tagged ‘Car Insurance Policy’

Car insurance premiums out of control

Thursday, October 14th, 2010

With the cost of car insurance soaring motorists in the UK must be left wondering if honesty is the best policy.

Figures from the latest car insurance price index (CIPI) survey suggest that the average price of a policy is £650, a rise of over one third compared to last October. So where should motorists start looking when they hunt around for a motor insurance quote. There doesn’t appear to be an easy answer to that question. The CIPI is made up of three major players in the market, EMB, The Consultancy and Confused.com. Between them they should have a finger on the pulse of the market and so should not be too far out with their figures.

Young male drivers seem to be faring worse with an average 11% increase in the last three months, enough to push the average policy for a 17-20 year old male up by £280+. Young female drivers fare slightly better but no-one is getting off lightly.

Many motorists often consider insuring a second family car, third party fire and theft (TPFT) to save money but that avenue now seems more like a one way street now. TPFT premiums have risen over 11% in the last quarter and over 50% in the last year making it barely worth taking the risk. And that is the crux of the matter.

More and more drivers don’t bother getting insurance and prefer to take a chance on not being caught, which in turn means higher costs for Honest John. Further to this the National Fraud Authority suggests that false motor insurance claims amount to over £2 billion. The claims for bodily injury claims have metaphorically almost gone through the roof and are literally a pain the neck for many of the big insurance companies.

With the cost of car insurance seemingly on a never ending upward curve, perhaps one way to save cash is to ditch the second car and opt for an any driver car insurance policy, but beware. Insurers are already hiking the premiums on insured plus one policy faster than any others. According to the report these policies have risen 65% for men and 60% for women. Possibly because insurers believe families are using this method to cover young adults in the family home.

Unfortunately the story doesn’t end there. New tough EU solvency rules mean that financial institutions must abide with the new Capital Adequacy Ratios, which basically means they will have to keep more money in the bank. And where do we anticipate that cash will come from?

Tags: Car Insurance, Car Insurance Policy, Car Insurance Quote, premiums
Posted in Car Insurance, Cheap Car Insurance | No Comments »

Car Insurance Guide

Friday, June 5th, 2009

Our guide to car insurance contains all you need to know about finding the right type of motor insurance policy, how to lower the cost of your premium and what to do in the event of a claim.

If you want to go directly to another section of our guide to car insurance, you can click on one of the links below:

  • A Guide To Car Insurance
  • Car Insurance Terminology
  • What Is Your Car Insurance Quote Based On
  • Keeping Down The Cost Of Car Insurance
  • The Different Types Of Car Insurance
  • Where To Get Car Insurance
  • What You Need To Apply For Car Insurance
  • Making A Claim On Your Car Insurance
  • What Happens If Your Claim Is Rejected

Car insurance is almost certainly the financial product most commonly held by consumers in the UK, with the possible exception of a bank or savings account. This is hardly surprising: if you drive a vehicle, insurance is compulsory.

In theory, this ought to make everyone a car insurance expert, able to get the best deal on their motor cover.

Yet too many of us tend to stick with the same insurer for too long and end up paying hundreds of pounds more a year than we need to. We only change policies when premiums become very noticeably too dear.

Conversely, we pat ourselves on the back because we have found ultra-cheap car insurance – only to discover that when we make a claim, certain items were never covered under the terms of that policy.

Shopping around is the starting point for anyone who wants the best car insurance deal. Our car insurance comparison tool allows you to search for and compare quotes from more than 60 top insurers and brokers in the UK.

But knowing how motor and car insurance works can help you get an even better deal – not just on price but in terms of the service you may need from your insurer. This guide is designed to help you achieve that.

It tries to answer some of the most typical concerns of motorists: everything from explaining how your quote is set and tips on how to cut the cost of your cover, to the various steps involved in making a claim.


Tags: Car, Car Insurance, Car Insurance Application, Car Insurance Policy, Insurance Cover Types
Posted in Car Insurance, Car Insurance Claims, Car Insurance Cover Types, Cheap Car Insurance | 3 Comments »

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