How to get cheaper motor insurance?
Car ownership is expensive. You not only have to buy a car, but you also have to tax and insure your vehicle - not to mention fill the tank with petrol. So it's perhaps no surprise that the cost of motoring has prompted 65% of drivers to change their motoring habits, and forced 5% off the roads.
Insurance can take a big chunk out of any driving budget. The average motorist pays £892 a year for car insurance, a 40% increase over the past 12 months, according to figures from the AA. Young drivers pay a lot more, particularly young men, in some cases more than £2,000. So MoneySupermarket has drawn up a list of money-saving tips to cut down the cost of cover and help you find cheaper car insurance quotes.
Payment Protection Insurance Recovery
Payment Protection insurance was originally designed as a form of protection for people with loans and credit cards. People who lost their jobs or became too ill to work would be safe in the knowledge that their PPI policy would cover repayments until they were able to make repayments again.
Unfortunately the vast majority of PPI policies are not truly worth the paper they are written on. The reasons could include:
- * Policies not covering full term of loan
- * Policies being sold as compulsory when they are actually optional
- * Policies not covering injuries caused by long term illness
- * Policies not covering the self-employed
- Customers not even being told they were purchasing PPI policies
These policies are simply not fit for purpose, not required or not even known about at time of purchase. The sales of these have been driven by commission hungry, pressure driven bank/broker employees who only had their monthly targets in mind and would add a PPI policy to a loan at a cost of thousands of pounds whether or not the client wanted, needed or even knew about the policy.
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