Car Insurance Latest News
Is Car insurance still cheap?
I’m sure you have seen the recent headlines of Norwich Union raising their car insurance rates.
The AA Index also showed an increase in Q3 2006 over the same period in 2005 for motor insurance quotes.
It is still not clear however as to whether general rates are increasing, due to the competitive nature of online car
insurance companies in the UK. Evidence shows that you should not accept your renewal quote from your current provider
– unless you don’t want to lower your premiums.
A competitive market is good for consumers because we need it to offset high running costs for cars in GB. Ownership costs
in Britain are one of the highest in Europe, so don’t feel too sorry for car insurance companies. Make them fight for your
business as introductory discounts are still in your favour.
Apparently, two thirds of insurers offer discounts for buying online and there are cash-backs of over £100 on offer if you
know where to look.
Brian Brown, head of general insurance at research analysts Defaqto, said "The intense amount of competition
in the market at present is keeping comprehensive premiums from rising despite well reported industry views that they must
increase".
"With the internet it is now so easy for customers to shop around and so many insurers are still giving introductory
discounts, cash-backs or guarantees to beat other quotes, that there is little if any need for customers to stick with their
existing insurer when faced with premium increases."
He added, "The dynamics of the market at present may make it almost impossible to both raise premiums and hold market
share." Insurers are trying to protect their profit margins and are clawing back money by:
- Charging fees for cancellations
- Hiking up direct debit monthly interest charges
- Charging administration fees (if you change your address)
Over 60 % of insurance companies now charge for policy changes/adjustments. Make sure you check the small print. Don’t be drawn in straight away by a big cash-back offer. The greatest savings still tend to come from getting comparable rates to your current quote when it comes to renew.
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