Marriage can Cut the Cost of Car Insurance

Author : Jennifer Scott 

With the average wedding now costing nearly £16,000*, tying the knot can lead to a big hole in your finances. However, getting married or entering into a civil partnership can actually save you money on your motor insurance!

According to online insurer swiftcover.com, adding your spouse to your car insurance policy can save you up to 20% compared to your singleton counterparts.

For example:

• A man adding his female spouse to his insurance policy could see his premium cut from over £388 to under £345 - if both drivers are male and in a civil partnership, the new premium would be around £348 because male drivers are considered a higher risk
• However, if a woman driver put her male spouse on her policy, the premium would fall from just over £341 to little more than £303 - the cost for two women in a civil partnership would also be around £303

Swiftcover says insurance premiums are cheaper because claims statistics show that married people are safer drivers. However, couples that aren't officially 'hitched' will also benefit from insurance savings, whether they are heterosexual or same-sex partners, although the savings won't be as high as drivers in a legally recognised partnership.

Tina Shortle, marketing director of swiftcover.com, says: "We're not suggesting that people say "I do" just to push down the cost of their car insurance, but many married couples may not realise that they can make significant savings by adding their spouses to their car insurance. It's also important to note that same sex couples in a civil partnership will also get lower insurance premiums and swiftcover.com's online quote system has been designed to enable drivers to add a spouse of either sex.

"The amount of savings will vary depending on individual circumstances such as the type of car, where you live, your job and your previous claims and motoring history. As long as your spouse is not particularly high risk you will see a saving - and although it may not help with the cost of the 'big day', over many years of wedded bliss it could amount to a substantial saving."

Shortle pointed out that insurance policies should always be in the name of the main driver - the person that drives the vehicle most often - with the spouse or partner as the named driver. Naming your spouse or partner, or indeed anyone else, as the main driver to bring the cost of premiums down further could invalidate your policy in the event of a claim if it is found that they are not actually the person that drives the vehicle most often. Likewise, incorrectly claiming that a named driver is your spouse could make your policy invalid if you need to claim.

As Swiftcover shows, adding your spouse as a named driver to your car insurance policy, whatever your gender or orientation can begin to save you money, with the following examples reducing annual premiums by an average of £38, which could add up to £380 over ten years.

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09.59  No comments

Motor insurance customers input false information when applying for cover online

Author : Victor Popescu

A study conducted by DVLA in collaboration with ABI revealed that  at least 17% of motor insurance customers produced false driving license information when applying for cover online. Their research concluded that 1% of those customers don't even hold  a valid driving license.

This fact influences other honest customers which have to pay higher premiums as a consequence. This research comes hand by hand with the initiative from regulatory bodies to grant insurers more access to their customer's driving licence data.

The new proposals will change significantly the on-line quote system as customers will no longer have to input their driving record details but will only provide their licence number instead. The insurers will then be able to obtain the customer's driving records,  prior to giving a quote , directly from DVLA database.

The move suppose to cut down fraud levels and as a result will lead to a decrease in insurance premiums.

Nigel Bartram, Aviva UK insurance motor underwriting manager , advises  that  it is crucial to keep the initiative moving faster as  the problem will become more acute when it becomes an offence to keep an uninsured vehicle next year.

According to the news of the initiative, around 10 % of applicants for Swiftcover insurance do not divulge all of their previous claims and that 60 % of the those customers do not renew their policies.

Because there was no real progress since the change of government in May, Trudgill will meet during this month with junior transport minister Mark Penning, who oversees DVLA, and will be trying to put pressure on him in order to be more dynamic in the project.

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09.53  No comments

How green car insurance that can boost

We all want to do our bit for the environment - but could choosing eco-friendly car insurance be an expensive mistake?

Research from a car insurance comparison website shows that eco-friendly car insurance can cost up to 150 per cent more than standard policies suggesting that this may not be the solution for motorists with a green conscience.

It found that annual car insurance for a 2004 Toyota Prius could cost as little as £319.28 through Swiftcover and yet would cost £489.96 through the cheapest 'green' car insurance provider - in this case ibuyeco.co.uk. Indeed the gap between premiums gets even larger with other green insurers - the same driver would pay £522.01 a year with CIS Eco-Insurance and £785.48 a year through The Green Insurance Company.

This isn't a one-off example either. Another green car, the Honda Civic Hybrid, can be insured for as little as £338.27 with Swiftcover, but would cost £770.57 to insure through the Green Insurance Company.

Of course for environmentally conscious drivers, finding the cheapest deal is unlikely to be their chief concern - many would be willing to pay extra to know they are contributing to the environment. Indeed ibuyeco.co.uk and the Green Insurance Company both promise to offset 100 per cent of a vehicle's emissions while CIS Eco-Insurance will offset 20 per cent of a car's emissions by investing in schemes such as reforestation and renewable energy sources.

Nevertheless, with such a staggering difference between the cheapest policies available and the cheapest green insurance providers, eco-friendly drivers may be able to put their money to better use.

For example, these motorists could shop around for the cheapest car insurance deal and then use the money they save to contribute to an eco-friendly charity or environmental project of their own choice.

The key is to use a comparison website to compare car insurance and ensure you're getting not only a cheap car insurance deal but also the level of cover that is right for you. Then you can have peace of mind behind the wheel as well as ensuring you're contributing to a worthwhile cause.

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20.48  No comments

How Green Car Insurance Can Push Up Premiums

We all want to do our bit for the environment - but could choosing eco-friendly car insurance be an expensive mistake?

Research from a car insurance comparison website shows that eco-friendly car insurance can cost up to 150 per cent more than standard policies suggesting that this may not be the solution for motorists with a green conscience.

It found that annual car insurance for a 2004 Toyota Prius could cost as little as £319.28 through Swiftcover and yet would cost £489.96 through the cheapest 'green' car insurance provider - in this case ibuyeco.co.uk. Indeed the gap between premiums gets even larger with other green insurers - the same driver would pay £522.01 a year with CIS Eco-Insurance and £785.48 a year through The Green Insurance Company.

This isn't a one-off example either. Another green car, the Honda Civic Hybrid, can be insured for as little as £338.27 with Swiftcover, but would cost £770.57 to insure through the Green Insurance Company.

Of course for environmentally conscious drivers, finding the cheapest deal is unlikely to be their chief concern - many would be willing to pay extra to know they are contributing to the environment. Indeed ibuyeco.co.uk and the Green Insurance Company both promise to offset 100 per cent of a vehicle's emissions while CIS Eco-Insurance will offset 20 per cent of a car's emissions by investing in schemes such as reforestation and renewable energy sources.

Nevertheless, with such a staggering difference between the cheapest policies available and the cheapest green insurance providers, eco-friendly drivers may be able to put their money to better use.

For example, these motorists could shop around for the cheapest car insurance deal and then use the money they save to contribute to an eco-friendly charity or environmental project of their own choice.

The key is to use a comparison website to compare car insurance and ensure you're getting not only a cheap car insurance deal but also the level of cover that is right for you. Then you can have peace of mind behind the wheel as well as ensuring you're contributing to a worthwhile cause.

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04.12  No comments

Are Women Missing Out on cheap Car Insurance?

Statistics have been released by car insurance provider Swiftcover, highlighting the need for female drivers to look beyond the policies that are advertised directly to them when shopping around for car insurance.
According to the provider's research, the UK's 18.9million women drivers could face car insurance premiums with differences of more than £600 a year. Its research found that a 35-year-old female living in Birmingham driving a Volkswagen Passat with one speeding conviction to their name could be charged as much as £944.45 a year through female car insurance specialist Diamond. The same driver however, could pick up a quote for just £331.76 through Swiftcover itself - a difference of £612.69.
This wasn't a one-off example either. The insurer quoted many similar differences including for a 55-year-old female in Southampton driving a Saab 9-5 who could pick up a premium for just £148.00 through Swiftcover and yet would be charged £246.94 through Sheila's Wheels and £589.55 with Diamond.
Cynics would argue that Swiftcover has hand-picked the examples to show off the savings made through its service. However, there is a clear message for female motorists to shop around - preferably by using a comparison service - to ensure they're getting the cheapest quote available.
It is important to look beyond price too and consider what you're getting for your money. To their credit, the likes of Diamond and Sheila's Wheels offer incentives such as handbag cover, female-friendly repairers and courtesy cars.
Once you've found a policy with the level of cover you need, look to save money where possible by enhancing the vehicle's security, parking in a garage overnight, driving at pre-agreed times and avoiding convictions.
You can also enjoy cheap car insurance by paying annually instead of monthly, as many companies charge interest on monthly car insurance installments.

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03.24  No comments