While it may seem that owning your own car is becoming more and more the domain of only the wealthiest of Brits due to spiraling car insurance rates and soaring fuel costs, discount car insurance experts say there are still ways out there to beat the system when it comes to controlling the costs of your motoring.
According to the motoring organisation and motor car insurance provider the AA, premium prices for comprehensive cover went up by an eye watering 40.1 per cent in the past year ending in March of 2011. While inflation has eased off since then, with September’s premiums only 16 per cent higher than they were 12 months before, there are still many motorists that are in for a nasty shock when it comes time to renew their insurance cover.
Industry experts have laid the blame at the feet of a so-called ‘compensation culture’ in the UK that works to encourage exaggerated and spurious personal injury compensation claims due to the nation’s household budgets tightening due to the current economic outlook. Even if the Office of Fair Trading finds in their investigation that insurers need to be held accountable for runaway premium prices, any changes made by the watchdog organisation would take quite some time before direct results will be seen by drivers.
Meanwhile, industry experts say there are still ways out there to beat the system in regards to finding cheaper cover for your vehicles. One such strategy for finding less expensive insurance is to do away with any feelings of loyalty towards your current provider, as insurers reward this loyalty with nothing but possible premium increases when it comes time to renew.
Experts say you should never just automatically renew your insurance cover and instead need to shop around. The search can be undertaken online in just a few minutes, with research discovering that drivers could make savings of nearly £400 on their annual premium prices on average.
However, even though the massive potential for savings exists, more than 7 million UK motorists instead choose to automatically renew their annual premiums every year, according to recent research findings.