Premiums a ‘rip off’ says 76%
New research has revealed that three quarters of young Britons consider their car insurance policies to be a rip off, with almost all switching providers each year as their renewal costs increase in price.
According to the poll, two thirds find loopholes to reduce premiums, such as adding their parents to their policies and installing a black box, saving themselves over £200 a year.
The team at money-saving website VoucherCodesPro conducted the survey as part of ongoing research into Britons motoring finances. More than 2,000 young car owners aged 18 to 25 years old were quizzed about their insurance policies and payments.
The majority (76%) said they believed insurance prices are a ‘rip off’, a further 13% believed they are a ‘necessary evil’ and the remaining 11% said they thought the costs are ‘reasonable’.
More than nine in 10 (91%) said they’d never remained with the same provider for more than a year, saying their renewal quote was too high and car insurance was found much cheaper elsewhere.
In a bid to reduce premiums, 64% said they took action, with 23% adding their parents to the policy, 20% selecting a higher excess, and 15% installing a black box.
George Charles, spokesperson for VoucherCodesPro, said, ‘If you’re going to be driving on the road, insurance is something that you can’t afford to be without; not only is it illegal to drive without it, but it can really be a lifesaver if something was to go wrong and you needed to make a claim. It’s interesting though how many young Britons find loopholes to get the cost of their car insurance down – saving themselves hundreds over the year. It’s expensive to begin driving, with lessons, tests, and then buying the car, insurance, tax, MOT and fuel – any way you can save costs are definitely worth exploring.’