After so many experts have warned us that the cost of car insurance is on the rise, what’s happened? It’s fallen! It’s mostly down to the growing impact of shopping online.
In the second half of 2005 the average car insurance premium fell from 470.17 to 462.15. But it’s the silver surfers who’ve benefited most. During the last six months of last year, drivers over the age of 65 have seen their average premium fall by 4.5% from 342 to 347. What is most surprising are the huge differences in premiums between providers. Differences of 40% between the most expensive and the cheapest are common.
It seems that most motorists are not aware of this as every year, half of them automatically renew their insurance with their existing insurer. A further 19% only bother to get one competitive quotation.
And readers will be surprised who sells the expensive policies. A recent survey in Which, the consumer magazine, shows that Norwich Union – the UK’s biggest insurer – failed to come top in any of the 36 driver categories surveyed. Direct Line, another well-known name, only managed one top spot.
This is down to the...
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