Car insurance news
03/03/2009
Motorists cutting back on cover for savings
One in ten drivers have been trying to reduce the cost of comprehensive insurance for cars over the past year, according to a new survey.
Many more motorists have been purchasing older cars worth less than a few thousand pounds and insuring these replacement vehicles under cheaper third party, fire and theft cover arrangements.
Swinton insurance company organised the survey. A spokesman for the firm said drivers were cutting back due to recessionary winds hitting people's pockets.
Many people wrongly believed much cheaper insurance policies could be purchased by reducing the amount of cover on a vehicle.
However, the spokesman said, "While reducing cover may offer a minimal saving short-term, it could cost drivers a lot more down the line if they are involved in an accident that is their fault."
If motorists are considering downsizing their insurance for cars, insurers recommend discussing their situation with a broker to best appreciate the changes in cover that would come into force.
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