Car insurance news
26/02/2009
Recession forcing motorists to buy cheaper car cover
Fears that the recession may force UK motorists to cut costs and consider buying cheaper car insurance policies look set to materialise.
Insurance experts had speculated that drivers would reduce motor cover costs as the economic downturn impacted people's pockets.
Now, a survey just published provides evidence that about 37 per cent of vehicle owners are planning to reduce their insurance expenditure. In some cases, it is suggested that people would scrap insurance for cars altogether.
Switching comprehensive policies to third party looks to be a popular option, according to the survey. As a result, insurers are currently engaged in a public relations campaign to persuade drivers not to switch or abandon insurance.
Survey organisers LV= warned insurance was more important than ever in these difficult financial times.
A spokesman said, "It's understandable that people are looking to ways in which they reduce their outgoings, but cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens."
So, the message from insurers is that cheaper car insurance may be a false economy and not a sensible way to manage future risks and dangers associated with vehicle use.
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