Car Insurance -
Car insurance paid monthly more expensive - 09/06/2008
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It is believed that the car insurance industry is making up to £624 million a year in excess, from drivers who pay their car insurance in monthly payments. This is due to the costs of driving which is forever on the increase. With yearly driving costs increased by £500 a year, Brits are having to locate news ways of stretching the costs just to keep their heads above the water so to speak.
Paying for your car insurance on a monthly basis is deemed as one way of achieving this, however according to Uswitch it may actually cost you more in the longstanding of things. Fuel prices since 2007 have risen by up to 31%, seeing drivers paying as much as up to £64 on average just to fill up their tanks. In addition to this car insurance premiums have risen to about £19, so Uswitch are advising motorists to think long and hard about the added costs built up by paying monthly.
More than half of UK drivers which equates to 13million pay their car insurance by monthly instalments, instead of a lump sum, but their companies are adding on 23.8% more on top because of the benefit. This is the equivalent of four times the most personal loan rate currently available.
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