Car insurance comparison site releases new car finance report

One car insurance comparison website has recently released the findings from a research study concerning the mentality of UK consumers and how likely they are to spend money on a new car purchase.

The online car insurance price comparison site found that 65 per cent of UK motorists will find their choices of a new car influenced by both rising motor car insurance costs and record fuel prices.  The lion’s share of respondents indicated that they would be making a compromise on the car that they would otherwise be buying in an outright attempt to save a bit of cash.

55 per cent of those polled, for example, remarked that they would be choosing a model with higher fuel efficiency next time around.  Meanwhile,38 per cent will be looking to purchase a vehicle that either has a lower rate of road tax or is just cheaper to insure in general, and nearly one million drivers remarked that they would do without their own car completely.

The survey’s results were not surprising, industry experts were reported as saying.  Independent analysis reveals that the price of car insurance increased by a factor of 31 per cent in 2010; 2011 has already seen similar increases as well.  These premium price increases, combined with rising petrol prices, has created even more pressure on households and their spending habits, which has forced many families into rethinking their motoring needs.

Experts recommended several other steps that the cost-conscious can take in addition to purchasing a more efficient or cheaper car, such as avoiding driving short journeys, driving efficiently, and car-sharing.  Motorists could save an additional £319 by choosing to shop around for the best deal on their insurance policy instead of just automatically renewing it.

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