Underinsured motorists have been paying out a collective £73 million annually over and above the costs of their car insurance rates, a newly conducted research survey has recently revealed.
Sainsbury’s motor car insurance division recently found that over the past five years, motorists have shelled out in excess of £368 million as their discount car insurance policies don’t offer adequate cover for many types of common claims. 2.4 million motorists have had to pay out of pocket for post-accident courtesy cars, transport to get to where they need to go in the wake of an accident, or to replace child car seats and car keys over this five year period, the survey found.
The average cost for a courtesy car was found to be more than £170, with Sainsbury’s finding that in excess of 60 per cent of standard motor car insurance policies do not include providing a courtesy car for its customers. Drivers were also set back £123 on average for alternative transport in the wake of an accident, as an additional 60 per cent of insurance cover not providing this for customers.
Stolen or lost car keys cost just under £100 on average to motorists, while replacement child car seats, which only 25 per cent of policies cover, cost nearly £124 to each motorist. Sainsbury’s car insurance head, Ben Tyte, commented on the findings, remarking that motorists must compare policies not on just price alone but on a like-for-like basis, as the results can be quite disastrous, as evidenced by the amount of cash drivers have been paying out of their own pockets.