People who buy car insurance should always check for the fine print details and then opt for a particular insurance policy giver. There are many hidden costs involved and buyers need to settle for the one that has the least of them.
Often car drivers settle for an insurance, which has the lowest premium, thinking it fits their pockets. But they forget that there are facts that are hidden from them and in all this they end up paying much higher price.
A survey was conducted by Which? Money that found out; around 80% of the insurance companies charge their customers extra apart from the initial costs. They take money from the customers in the form of administration fee etc.
Some car insurers also charge for small changes like residential address change or adding the driver’s name etc. These changes at times cost customers as much as £55. Out of the total 151 insurance companies surveyed there were 105 who practiced this. Almost 60% of the insurers charge £40 as cancellation fee and some insurers are planning to take it up to £85.
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The car owners should not just go by the premium rates but should also see what the overall cost will be. The final cost includes the extra charges, premium rates with interest etc. All the charges applicable and that may be applicable in future should be informed to the car owners well in advance. Even when comparing insurance rates on comparison sites customers should check all the terms and conditions on the official sites and then choose the policy that best suits them.
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