Car insurance news
Cheap car insurance company celebrate massive profits
A motor insurance company is celebrating after experiencing enormous growth of 300% in the last twelve months.
Admiral made profits of £9million in the last year and credits the majority of this figure to the success of internet search engine, Confused.com. A website that searches through all available policies to find a suitable cheap car insurance quote, Confused has gone from strength to strength and there are now plans to expand the Cardiff-based team of 30 staff.
The site's managing director, Debbie Williams, said, "Confused.com has grown rapidly in just the short time that I have been with the company, generating record profits in the face of staggering demand, expanding its headcount by 40% and launching a home insurance price comparison service in August last year.
"2006 will likely be a period in which we face increased competition from other online car insurance comparison services looking to adapt to our business model."
Admiral have revealed they believe they are responsible for as much as 65% of all sales made through motor insurance comparison sites, showing why they have made such massive profits over the last year. It will come as no surprise, therefore, that the car insurance company's chief executive, Henry Engelhardt, is thought to have amassed a personal fortune of £240million and has been named as the seventh wealthiest person in Wales.
A spokesperson for Duck2Water Car Insurance Services, the cheap car insurance experts, commented, "It's worth remembering that these price comparison sites don't necessarily check the cost of all motor insurance premiums that are available, so it really is worth shopping around before you decide which provider to go with."