Nearly one in ten downgrade insurance cover to save cash

New research has revealed that nearly one out of every ten motorists have actually downgraded their motor car insurance cover to try to save some cash.

Some eight per cent of motorists surveyed in a recent Lightspeed Research study reported taking out less cover in an attempt to reduce their car insurance rates because of the exorbitant premiums most car insurance companies are charging customers. However, many are now in danger of being uninsured in the event of an accident, says rpLIightspeed’s marketing director, Ralph Risk.

Everyone’s been feeling the pinch in the current economy, but anyone who owns their own car in the UK has been hit especially hard. The latest comprehensive cover price index from the AA recently found that it’s now more than £1,000 a year for the average driver to secure comprehensive cover.

So what can you do if you’re looking at your renewal notice and wondering how in blazes you’re going to afford to insure your car for the coming year? Well, there are options out there that don’t involve gambling with the amount of cover you have – in fact, one of the best ways to save cash is to look into using a car insurance comparison website to find the best deals.

Most insurers have no vested interest in keeping you as a customer, so don’t feel like you should stay with your current insurer out of any sense of misguided loyalty. Even if you’ve accrued a multi-year no claims bonus, you can find an insurer that’s willing to transfer that bonus along with your policy, so don’t hesitate to use a comparison site to look for a much less expensive deal that still provides you adequate cover.

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