Cheap car insurance is good – but inadequate cover is bad

In an attempt to save some cash by switching to discount car insurance, many motorists can get themselves in trouble if they select a policy that does not provide them with adequate cover in the event of an accident.

One recently conducted research survey found that one out of every ten motorists have seriously considered managing their costs by reducing their motor car insurance.  The most often planned change was to remove certain facets of their current policy or to increase the amount of their excess.

Many car insurance companies do not allow the reduction of such extras, however.  Such cover as legal protection or courtesy car cover are often bundled together with a motorist’s car insurance rate and are inseparable from the total cost.

The charges that vary the most widely between insurers are items such as cancellation fees and mid term changes, warn industry experts.  As an alternative to trying to drop cover from an existing policy, motorists are urged to shop around instead.  Doing so could result in paying a more manageable premium without having to sacrifice the level of cover available.

The survey found that 51 per cent of respondents claimed conducting online research was pivotal in their search for alternative cover. The research firm stated that findings indicated that the motor insurance market is one such area where saving money is a true possibility due to the wide variety of available choices.

Motorists who use online insurance comparison websites can sometimes even find insurers who offer highly flexible policies.  A growing number of insurers have begun to allow drivers to personalise their policies in regards to which extras they are willing to incorporate into their cover and which they could leave out in an effort to save some money.

© 2021 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

What do you think?

Please note that email addresses are not visible on approved comments.