Over £2 Billion Paid in Car Insurance Excess Every Year
New research has shown that car owners in the UK are paying £2.36 billion each year in car insurance policy excess.
Currently, drivers in the UK pay £8.53 billion a year in car insurance premiums, but in the event of an accident half of claimants could pay the £2.36 billion figure for any excess obligations, new figures show.
In fact, 12.6 million car owners opt for a voluntary excess on their car insurance policy, which translates to an average payout of £274 to make a car insurance claim.
Oakland Insurance Services believe drivers could be losing out.
For some drivers, particularly those with less experience, a higher voluntary excess on their insurance policy can reduce their insurance premium by up to 40 per cent or by up to £128 a year, but this is not the best option for every driver.
Although price plays a major part in deciding which car insurance to buy, drivers need to look beyond the lure of a low premium. The potential cost savings associated with a policy with a high voluntary excess can easily become an extremely expensive oversight in the event of a claim.
This is why it is important that people speak to a specialist broker when looking for car insurance, this way they can be assured of clear advice and car insurance quotes from the whole market, unlike a direct insurance company who can only offer a quote for their single product.
Oakland Insurance always try and combine the lowest premium and excess, meaning the best deal for the customer.
If you would like free, no obligation advice, or a Car Insurance Quote, please get in touch.
