While new research recently conducted by Which? Money has revealed that approximately 70 per cent of car insurance companies charge a myriad of administrative fees for sometimes even minor policy changes, industry experts are now recommending going online to try to find your way around such sneaky charges.
New online car insurance company YourCover not only offers competitive rates for those car insurance customers who wish to pay their premiums in instalments, they also have garnered attention for their lack of fees or surcharges for making policy changes.
The discount car insurance provider conducted its own research into the matter, discovering that out of all those it surveyed, the majority of respondents reported that they felt there was no need to charge customers for policy changes; in fact such policy changes should be included in the price of their premium payments and not cost anything extra.
After carefully reviewing their research, YourCover made the decision to elect to waive all administrative fees in regards to policyholders who wished to institute changes to their policies.
Utilising data from Defqto, an independent financial research organisation, YourCover uncovered the fact that on average, policy change fees were approximately £19 per transaction, even for relatively minor policy changes.
However, the price was found to fluctuate wildly in some instances, with highs of up to nearly twice that figure; fees as high as £35 attached to a policy change were common place with some well-known insurers.
Neil Brettell, director of Specialty and direct for YourCover, commented on the findings, stating that consumers looking for the cheapest car insurance on the market want more than just a premium that is priced competitively but also desire the ability to alter their policies without having to worry about facing unwelcome and unexpected fees as a result.