New research conducted by the RAC has revealed that in excess of half of all British drivers are overpaying for their car insurance…
Overpaying for Car Insurance
According to research conducted by the RAC, over half of all British drivers (51%) believe they’re overpaying for their car insurance. This is because, following the coronavirus pandemic, many of them are covering fewer miles than before; a fact largely made possible by successive lockdown restrictions and more people working from home. A similar proportion of drivers (50%) have stated that they’re unable to change their policies to something more affordable without facing a charge.
The survey, which consisted of 2,100 respondents, ‘suggests many are starting to question whether they are being charged a fair price for their insurance’. Interestingly, 54% of the drivers admitted that they found it hard to predict their annual mileages, too.
Laura Truman, the RAC’s head of insurance, commented on the survey’s results. She said, “while it remains to be seen how our driving habits change as a result of the pandemic, it seems fair to presume that many of us won’t go back to driving the sort of miles we used to. Especially if a degree of home-working becomes the norm”. She added, “this shift is clearly prompting drivers to question whether the cost of their car insurance is reasonable. This might partly be because in so many cases motorists are forced to lock themselves into annual insurance contracts. The price of which is partly determined by the policyholder’s estimate of how many miles they’ll cover in a year”.
Truman suggested that annual mileages have always been tricky to determine, but that it was now even harder. She explained, “this is something we know drivers found difficult to estimate before the pandemic. But considering all the uncertainty surrounding people’s future travel needs it must now be even harder”.
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