Morning Live: Expert shares tips on car insurance
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
A survey of 1,500 British drivers found that motorists are paying almost one third of an average annual car insurance policy on top of their existing bill, just in hidden fees. On average, Britons fork out £123.40 on hidden car insurance fees each year.
This rises to a whopping £334.40 for drivers aged between 18 and 24 almost seven times what drivers aged between 55 and 64 experienced who pay £49.70.
Around 36 percent of drivers are routinely getting surprised by adjustment fees, followed by 30 percent not realising the cost of cancellation fees.
An additional 28 percent are unaware of add-ons and 24 percent of annual percentage rates (APRs) which calculates what percentage of the premium a customer will be charged for.
The research also found that drivers are paying almost a third of an average annual car insurance policy (£412) on top of their existing bill, just in hidden fees.
Almost one fifth of motorists have fallen victim to hidden car insurance fees, with the number rising amongst younger drivers.
For drivers aged between 18 and 24, 37 percent admitted to being caught out by unexpected fees after taking out a policy.
One third of respondents between 25 and 35 years old were caught out by hidden fees, a stark contrast to elderly drivers, with only three percent paying additional fees on their policy.
Freddy Macnamara, CEO at Cuvva, commented on the findings, saying car insurance needs to be made simpler and more transparent.
DVLA issues winter warning to elderly drivers [WARNING]
Elderly drivers may be hit by driving licence overhaul [INSIGHT]
Police urges retailers to inform private e-scooter riders of the laws [COMMENT]
He said: “Average car insurance policies don’t suit modern-day consumers. Drivers want the flexibility to cancel a policy or make adjustments but, in most cases, flexibility comes at a cost in the form of hidden fees.
“Cuvva is on a mission to simplify car insurance to better suit consumers’ actual needs. Car insurance should be there when you need it.
“Whether it’s just an hour or continuous cover, it shouldn’t be layered with unfair hidden fees, penalties and interest.”
A majority of these fees are hidden because they often go unnoticed by drivers who don’t read the small print in policy documents.
Save 10% on your MOT
It’s Kwik Fits’ Midsommer Madness sale and you can take 10% off your MOT Test with the UK’s #1 MOT tester – just click the link to book online.
Source: Read Full Article