It’s only natural to think that your insurer is the one that pays the cost of repairs – that is why you pay annual premiums, after all – but new evidence has emerged that car insurance companies are systematically rising premiums after falling into a scheme with car hire firms and garages.
The chief operations officer of one of the largest car insurance companies in the UK recently said out loud what we’ve all been thinking: the insurance industry has gone ‘mad’ and needs to be changed.
With the Office of Fair Trading finally coming out and saying what we’ve all been going on about for months now – that the motor car insurance industry is completely ‘dysfunctional’ the Competition Commission is set to launch a new study to determine the extent of responsibility that the nation’s car insurance companies bear.
According to one car insurance comparison website, a large proportion of UK motorists are just saying no when it comes to their No Claims Discounts, choosing not to spend extra money in order to protect their discounts in the event of an accident.
You may not believe it when you hear it, but car insurance companies say that the average cost of a comprehensive motor car insurance policy has actually begun to decline for the first time in four years.
Holders of so-called discount car insurance policies are growing tired of being charged fees for renewing their cover or making minor alterations to their motor car insurance policy, with some consumer watchdogs calling the charges ‘exorbitant.’
If you do the maths, it may not make financial sense to protect your no-claims bonus, as your car insurance rates can still increase significantly in the event of an accident.
Government ministers have come forward with renewed vows to clampdown on drivers getting behind the wheel without first taking out at least discount car insurance, and have also taken steps to encourage telematics-based motor car insurance policies as a way to control the costs of motoring in the UK, experts say.
While some have seen the proliferation of ‘black box’ motor car insurance as the latest way the government is trying to invade the privacy of Brits and turn the UK into a surveillance state, telematics-based technology is growing in popularity despite its controversial nature.
The UK branch of one major motor manufacturer has entered into a relationship with Equity Insurance Partnerships in order to provide discount car insurance to its customers, experts recently said.