Brits Won’t Cut on Car Cover
Car Insurance is in important part of everyday life for many people in Britain and one that can often end up being a large financial drain, especially for new and young drivers. However, while using internet comparison sites to find the cheapest insurance deals is now common amongst consumers, few are willing to cut cover to save money.
The research was produced by Datamonitor, and shows that only 5% of motorists would even consider switching to third party only cover in order to save money. A larger but still very low 13% said they would want to save money by reducing the total insured amounts or increasing the excess they would have to pay in the result of an accident.
If Brits aren?t thinking about cutting corners with their insurance then they are trying to make savings in other ways. Only 9% of people surveyed said that they allow their cover to rollover and nearly half said they shop around for better quotes. Indeed, over a third of drivers use price comparison websites during their search, compared to only 23% of people who use them for other forms of insurance, such as business and content.
Datamonitor?s principal consultant for financial services, Liz Hartley said: ?”This is reflective of the open and competitive insurance market that exists in the UK generally. It is a buyers’ market and, as such, consumers do not believe that they need to compromise when negotiating their insurance policies; indeed, there is almost an expectation of ‘more for less’ each year.”
Ms Hartley went on to add that the high cost of insurance is also an element that most leads consumers to spend so much time searching for new deals. She also called for car insurance companies to focus on benefits and extras ? rather than the purely on price ? if they want to keep their customers.
Consumers should be aware of any extras that come with the insurance, but it?s wise not to get drawn in by benefits that will never really apply to you. Also watch out for deals like no claims discounts that can bring your quote down by a large amount only to have it shoot back up again, even when an accident occurs that was not your fault.