Motorist news
21/03/2011
Drivers late in paying car insurance renewals charged more
Motorists who postpone renewing their car insurance could be adding a substantial amount to the cost of their cover, reports suggest. The combined amount paid by UK motorists because of tardiness in finding car cover is close to £317 million a year.
Moneysupermarket.com investigated the effects of late renewal by analysing more than 21 million car quotes and discovered that car insurance premiums have risen by an average of 31% over the past year.
A car insurance expert at moneysupermarket.com said, "Our research shows that every day they delay shopping around and looking for the best deal adds extra cost to their premium price."
It is therefore crucial that motorists are quick to renew when they know that their car insurance is going to expire.
With varying factors adding up to accumulate into a more expensive motoring bill for many drivers, some motorists are being forced to change their driving habits drastically in order to still be able to afford the mounting costs of being a car owner. Other motorists are deciding they simply cannot afford to be a driver anymore.
Some of the issues causing this change in people's habits include the growing number of uninsured drivers on UK roads, rising fuel costs, and false personal injury claims.
In order for drivers to beat expensive car insurance bills they should be aware of how important it is not to procrastinate when the time comes for renewal.