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Millions of motorists aggrieved at being "ripped off" by insurers

Date: 03/02/2014 14:55:24
Category: Insurance
Author: Michael McFadyen

Millions of motorists aggrieved at being

Millions of motorists have decided against renewing their car insurance due to the hefty cost involved but are driving their vehicles regardless, reports gloucestershireecho.co.uk.

This shocking revelation comes courtesy of a study from Lake Market Research, which shows that many motorists have grown tired of what they call being "ripped off" by brokers.

Despite the AA recently unveiling a record breaking 14.1 per cent plunge in the cost of annual comprehensive cover in 2013 compared to last year, it seems huge groups of motorists still feel they're paying too much for their products.

As a result, Lake Market found that one in 11 cars, or 2.5 million vehicles, are currently being driven without a valid insurance policy. 

The study showed discontent among drivers rising over the last seven years as the total of insured cars slumped dramatically following a perfect 100 per cent in 2006. 

The figure is now at 91 per cent and Lake Market's Julie Hodgson says insurance companies can start to repair the damage by giving motorists a fairer deal. 

"There is a lack of consumer confidence in the market, due to a lack of transparency," she commented. "It is all about price. Motorists think they are being ripped off," she commented.

While certain Brits seem more than happy to risk fines of up to £5,000 for driving without insurance, some of the more inventive will be looking into ways of getting the best deal on their cover. 

As reported by moneysupermarket.com, this could include investing in a tracking system which monitors the whereabouts of the vehicle at all times.  

Many brokers look favourably upon these systems as they improve vehicle security, meaning the motorist is less likely to claim for theft.  

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