Monthly Motor Insurance Costs Increasing

Document Sample
Monthly Motor Insurance Costs Increasing Powered By Docstoc
					Monthly Motor Insurance Costs Increasing

Recently published research has suggested that drivers in the UK choosing to
purchase their motor insurance up front rather than on a monthly basis are significantly
better off. Newly released figures show that motorists paying for their motor insurance
policy monthly pay as much as 40% more than they would had they paid for a years
cover upfront.

 Of the UKs 33 million motorists, it is thought that as many as 13.2 million drivers opt to
pay for their car insurance monthly. This means that around 40% of all UK drivers are
paying considerably more for their car insurance than they would if they were to pay
annually. Currently, the average cost for car insurance for UK motorists that pay for
their insurance annually is 778. Paying monthly could increase that car insurance
premium to 953.

 This potential increase of 175 will surprise many. Whilst the majority of people may be
aware that paying monthly for a car insurance policy is more expensive than paying
annually, many would be shocked at just how much more expensive paying monthly
can cost over the course of a year. For car insurance providers this tactic has proven to
be extremely profitable.

 Whilst the obvious solution to avoid these increased costs is to steer clear of paying
for car insurance policies monthly, this is not a viable solution for many motorists in the
UK. In many cases limited cash flow and increasing insurance costs mean that many
drivers in the UK cant afford to pay annually for their insurance. To try and reduce
insurance costs all motorists should pay for their insurance policy annually where
possible and shop around to ensure they get the best value motor insurance policy
available to them.

				
DOCUMENT INFO
Description: Whether youre buying clothing or shopping for car insurance, you always want to get the best value for your money. So, whats the secret to finding reliable, affordable car insurance? Shop around for the best deal. Get several car insurance quotes from different insurance companies before you buy or renew your policy. Insurance companies vary, so you could get a better deal somewhere else. Dont be afraid to switch. You can switch insurance companies whenever you want, even if its in the middle of your car insurance policy term. If you find a better rate, switch and save. There are three types of Car Insurance: Third party, which covers your legal liability if you damage someone elses physical property (walls, vehicles, gates etc.) due to a driving accident. Third party, Fire and Theft offers third party cover and adds on two useful pieces of cover - fire damage to and theft of your car, including damage caused by a theft or attempted theft. A fully comprehensive policy includes Third Party, Fire and Theft and in addition will pay for damage to your own vehicle in the event of an accident. There are many extras, too, for example it will also give you cover when you drive other people's cars - useful if you borrow someone's car and their insurance does not cover you