Motor insurance lapses could cost drivers
About 1.6 million motorists in the UK are unaware there is an expiry date on their motor insurance policies.
According to MoneySuperMarket, about four per cent of motorists don’t realise their policies could run out.
This means they are unaware they could face new harsher financial penalties announced by the government as part of its new Road Safety Strategy.
As part of the new strategy, the government has announced fines could increase from £300 to £600 with six penalty points added to a driving licence.
Alicia Hempsted, car insurance expert at MoneySuperMarket, said: “Our research found that a surprisingly high number of UK drivers aren’t aware that their car insurance policy has an expiry date, putting millions of motorists at risk of severe financial consequences this year.
“Driving without insurance doesn’t just lead to an initial high fine; it can have long-lasting consequences. If you’re caught driving without insurance and receive an IN10 conviction, you’ll see it reflected in your insurance costs. On average, drivers with an IN10 pay £1,570 a year for cover, which is more than double the UK average of £766.
