News

The Government has announced a change to the ‘Discount Rate’ – also know as the Ogden rate – applied to personal injury lump-sum compensation payments, to minus 0.25% from minus 0.75%.  The increase is likely to result in lower car insurance costs for motorists.   

• 1.5 million people have delayed plans to move home in the last three years;
• 60% of would-be home movers have put their plans on hold due to Brexit.

GoCompare, one of the UK’s most established comparison websites, has joined the Insurance Fraud Bureau (IFB) as an official member.

“Most drivers are still paying historically very high prices for their car insurance”

• 50% of motorists think it should be illegal for insurers to charge existing customers more than new customers for the same cover;
• Most (61%) drivers say new customers get a better deal on their insurance than those renewing their cover;
• Motorists could save up to £247.29** by shopping-around for car insurance using GoCompare Car Insurance

• From insurance to fuel, maintenance to parking – the cost of motoring is a major worry for motorists;
• Potholes, dangerous driving by other motorists, and the risk of having an accident are among the top 10 worries;
• 21% of those surveyed were concerned about poor driving by elderly drivers;
• Only 16% of drivers were concerned about car emissions/pollution.

Cost of insurance falls for 17-year olds, but overall total rises as more spent on first car

New drivers spend an average of £4,276 buying their first car but those from the North West and London splash out more than £5,000 on their first set of wheels.

• An “extraordinary turnaround” as energy rises from 7^th place 4 years ago;
• Improvement follows reduction in switching times from 6 weeks to under 21 days;
• Consumers respond by switching energy provider in record numbers;
• Mortgages, current accounts and broadband are the hardest products to switch.

• 15% of motorists allow their insurers to automatically renew their policy without shopping around to check whether they’re getting a good deal;
• Renewing without checking prices costs drivers a collective £592m a year;
• 27% of drivers have been with the same insurer for 3 years or more;
• Motorist who pay for insurance in monthly instalments are 54% more likely to allow their cover to automatically renew than those who pay annually.