Car Insurance -
Making amendments can cost customers a fortune - 27/03/2008
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Research has shown that drivers are paying out up to £300 million per year making changes to the details their car insurers hold.
Almost 60% of drivers, some 14 million people, make amendments to their policy mid-way through the term, car insurance companies are cashing in on this charging fees totalling £333 million, this is according to price comparison service uSwitch.com.
The average charge for making changes to car insurance policy details is £22. On average the cost for cancelling a policy is £38, failure to amend policies can result in your insurance policy being void, so it’s a catch 22 situation.
Charges vary widely between insurers so it is worth shopping around when taking out your policy. Some insurers do not charge for some types of policy amendments, some insurers do not charge for duplicating documents, it is worth checking the policy of your insurer before you have to pay out.
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