Car owning Brits could be getting fleeced by their insurance policies because they are on cruise control when it comes to renewing their deal. New research has revealed more than a third of drivers let their annual car insurance policy auto-renew instead of shopping round for the best deal. Customers who roll over their contract typically end up paying inflated premiums as part of a 'loyalty penalty' - and the numbers are increasing year-on-year. Two in five customers who auto-renewed believe they were getting the best possible deal according to the moneyexpert.com research. However, data from the same survey, as well as from the Association of British Insurers (ABI), Financial Conduct Authority (FCA) and Citizens Advice, suggests drivers who auto-renewed were 50 per cent more likely to be paying more than £800 for their car insurance than if they found a new policy by other means. Mike Rowe, Chief Operations Officer at moneyexpert.com , said: "Our survey results … [Read more...] about Third of Brit drivers let car insurance renew on its own
Best car insurance quote
How letting your car insurance policy renew automatically will always cost you more
BRITS could be paying far more than they need to for car insurance policies because they're on cruise control when it comes to renewing their deal. Motorists almost always end up paying more if they roll over their policy automatically, yet millions of drivers still don't bother shopping around. New research has revealed more than a third of drivers let their annual car insurance policy auto-renew instead of looking for a better deal. And two in five customers who auto-renewed believe they were getting the best possible deal, according to the moneyexpert.com research. But data from the same survey, as well as from the Association of British Insurers (ABI), Financial Conduct Authority (FCA) and Citizens Advice, found motorist who auto-renewed were 50 per cent more likely to be paying more than £800 for their car insurance than if they found a new policy by other means. In 2018, 29 per cent of drivers let their car insurance auto-renew, compared to 30 per cent who negotiated a new … [Read more...] about How letting your car insurance policy renew automatically will always cost you more
Car insurance actually gets cheaper
In the past 12 months the average car insurance premium for people who shop around has dropped 9.1%, figures from research firm Consumer Intelligence show. Quoted premiums fell in all parts of the country, but the biggest falls were for drivers in North West England, at 14.9%, while drivers in Scotland saw the smallest fall at 3.8%. “It’s another sign of the increased competition for business and it is likely premiums will continue to fall unless there are any major shocks in claims or tax rises," said John Blevins, Consumer Intelligence pricing expert. Car insurance falls by region Source: Consumer Intelligence In terms of age, under-25s saw the biggest falls - with prices dropping 15.4%. By contrast, over-50s saw prices drop 6.8%. And it could be as a result of black box policies becoming more and more common. Consumer Intelligence found that 22% of the cheapest quotes now come from so-called telematics providers. By age, under-25s saw the biggest impact from the new … [Read more...] about Car insurance actually gets cheaper
Comparison websites’ car insurance errors put customers at risk of being overcharged for wrong type of cover
MOTORISTS may have paid over the odds for car insurance that doesn't cover their needs, a consumer group has warned. Which? found "inconsistencies and a lack of real choice" when it comes to the policies listed on four major comparison websites - Compare The Market, Confused, GoCompare, and MoneySuperMarket. It said this could leave consumers at risk of purchasing policies that simply don't meet their needs. When it comes to price, for example, a Motor Quote Direct policy on GoCompare was £71 more expensive in a scenario featuring a London based driver, than the cheapest offer on Compare The Market (via broker Autonet) for what appeared to be the same policy. Meanwhile, apparently identical Aviva policies appeared several times offered by different brokers but with clear differences in price. In another scenario, the top 30 results were being sold by as few as 12 providers. How to save on car insuranceCAUGHT driving without insurance will see you slapped with a huge fine - … [Read more...] about Comparison websites’ car insurance errors put customers at risk of being overcharged for wrong type of cover
This is the best time to get a car insurance quote
Don't be too keen, and don't leave it to late. We're of course talking about car insurance quotes. Financial journalist Martin Lewis and his website Money Saving Expert have found the sweet spot you need to get that all-important car insurance quote. The website has carried out a major investigation to find the right time to buy. The site has analysed more than 18 million quotes from January to May after requesting the data from three of the biggest price comparison websites – Confused.com , Compare The Market and MoneySupermarket . They found that the cheapest time to buy a policy is 21 days before the start date. They found it was an average of £589 to £531 cheaper compared to buying it 30 days in advance, the earliest you can usually get a quote on comparison sites. And leaving it late could cost you too - buying on the day the cover starts is £567 more expensive on average that three weeks early. MoneySavingExpert.com founder Martin Lewis said: "Car insurance … [Read more...] about This is the best time to get a car insurance quote