Newly conducted research has discovered that delaying to renew motor car insurance adds a collective £317 million to the costs of motorists’ cover.
After analysing more than 21 million direct and online car insurance quotes, one UK price comparison website found that premiums increased by an average of 31 per cent over the past 12 months. Additionally the research discovered that a total of 44p is added every day to every policy.
Car insurance comparison site expert Peter Harrison stated that motorists should act as soon as they can when they know it is time to seek a new car insurance rate. Research findings indicate that every day spent delaying and searching for the best discount car insurance deal results in more cost added to the total price, added Mr Harrison. The insurance expert recommended that being quicker off the mark can make a discernible difference, as every penny counts in the current economic environment.
As the insurance industry is still encountering major problems such as fraud, uninsured drivers, and runaway personal injury claims, car insurance costs continue to rise with no sign of abatement. Mr Harrison stated that the industry has not seen any indications of a slowdown in rising premium costs and has no way of knowing when the markets will stabilise. The insurance industry expert added that the 31 per cent rate increase will have an impact on many car insurance customers that are already finding difficulties in making ends meet.
Mr Harrison stated that the best advice he could give consumers would be to compare policies and shop around to ensure they get the best value for the money. Being proactive and not waiting for renewal notifications is another way to minimise costs, the industry expert added.