September 24, 2008
Monthly insurance payments could prove costly for Motorists
Over 13 million British motorists who choose to pay for their car insurance by monthly installments are paying more than those who select annual payment plans. It has been estimated that UK motorists who pay on a monthly basis are spending a total of £624 million more than those who choose to make a one off payment that covers a full year.
Currently UK drivers are facing considerable financial pressures which have been brought about by the steep increases in petrol and car insurance prices. Motorists should begin to take a serious look at how they pay for their insurance cover. The use of comparison websites can also assist drivers to find the best insurance prices.
The average cost of an annual car insurance package is approximately £460. However, those who select a monthly payment option will find they will have to fork out around £506 over the course of a year.