Car insurance costs fall but price rise is predicted WalesOnline
28.04.10
Car insurance costs fall but price rise is predicted
Apr 28 2010 Western Mail
THE cost of car insurance fell unexpectedly in the first quarter of the year after premiums soared by a record 18.7% in 2009.
The average price of comprehensive motor cover dropped by 3.2% in the three months to the end of March to £968, according to the AA.
But the group warned the lull in rising prices was likely to prove temporary, and it expects there to be further double-digit increases during the whole of 2010.
The group said insurers typically held their premiums during the first quarter, when competition for business is greatest, as most policies are renewed during the first three months of the year.
It added that the price fall was also driven by a drop in some expensive broker rates, bringing them more in line with the market average.
But the AA warned the cost of motor cover was likely to resume its upward trend during the coming two quarters.
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Tips for saving money on your insurance
Never, never just accept a renewal quote from your existing provider on your Home and Car insurance cover. After mortgages, this is the easiest area to limit your spending by finding alternative insurers. According to the AA, massive savings can be made the avergae shopper saving a whopping £214, while home insurance tumbles from £385 to £250. It is incredibly eay to find quotes on the internet, and if you don’t spend at least one lunch hour a year finding a better deal then I wish I had as much money as you!.
1. Claim back Loan protection insurance
Pricey and poorly sold, payment protection insurance is one of the most profitable products created by the finance industry. It can add £3,000 to the cost of a £7,500 Personal loan. A vast proportion of people who were sold PPI are unable to claim against it these people are able to claim their ppi back.
Many companies are offering to calimthis moneyt back for you but they will take 25% of the refund. Instead, call the FOS they are helping 4 out of 5 people missold . Helpfully, it offers a factsheet on how to make a complaint about PPI which you can find at financialombudsman.org.uk
2. Cancel your mobile phone insurance
Naive youngsters are strongly pressured in phone shops into spending between £60 and £70 a year on this insurance. Most policies don’t cover you for the most dangerous type of risk airtime abuse (where the phone is stolen and used to make international calls), and if you lose your phone you can always claim for it under your home contents cover for personal belongings.
Just ring your bank, stop the direct debit and job done!.
3. Rethink your life insurance
You can also cancel your life insurance. Just because the life insurance was sold to you with your mortgage doesn’t mean you have to stick with that provider for the life of the remortgage. You can cancel it at any time to get a cheaper deal. With the human lifetime improving (ie. fewer people dying), insurers have been reducing premiums for a log time.
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