You’ve heard your friends and family worry about it, you’ve seen the grim headlines, and you’ve felt the pinch yourself. Vehicle insurance costs have soared. While a survey conducted by The Sun indicates that only 20% of people would prefer alternate or adjustable insurance options, the Association of British Insurers claim that compared to last quarter of 2017, regular insurance premiums have mounted by 09%. Drivers are currently paying over £800 dollars while anticipating that premiums will be highest towards the end of this year.
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Since all insurance premiums now carry a weighty 12% Insurance Premium Tax, there has been nothing but steady escalations in expenditure for all insured drivers. An increase in the Personal Injury Discount Rate did nothing to help the hapless insured. Motorists over 65 years of age have seen a significant spike in their comprehensive policies while young drivers between the ages of 21 -24 years have to face a surge of 07% on their year-on-year insurance. These factors paired with swelling petrol prices and overestimated repair costs will force many UK motorists to give up their vehicles. Somewhat unfairly, men are still charged more than female drivers, with factors like vehicle type, risk factor and driving record impacting the discriminated faring.
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Wecancar recommends the following steps to save on your overall insurance costs:
Shop around – It’s free!
How do you know you’ve got the right deal? Compare! It’s best to view all your options before settling.
Extra costs – Be on alert!
Found a steal of a deal? Before you embark on a round of self-congratulatory back-patting, make sure you’re aware of the extra costs involved, ranging from things like policy cancellation fees, add-ons and excess fees.
Keep your teens off your policy.
Yes. You love your kids, however adding more people especially young drivers, causes your policy rates to skyrocket.
Loyalty Shmoyalty. Got auto-renewal on the brain? Think again. You may find getting a new policy costs an astonishingly less than your renewal. Bringing us back to pint one; invest time to do some serious shopping around.
Be detailed about your profession. Be sure to be precise about your occupation. Surveys have found that chefs pay more than kitchen staff and so on. However, if you’re a surgeon, doctor or insurance inspector, you’re paying high prices for your protection as you’re calculated as a “high risk” category of motorists. Statistics show that 13% of doctors have been in accidents. Antique dealers, astrologers and actors are classified as the safer drivers.