Car insurance market competition 'to grow'
24 August 2009 16:01:13
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| APRs charged on direct debits are a new focus for motorists. |
This is the main finding of new Datamonitor research, which revealed that customers "have become increasingly price savvy" about their car cover.
In all, 38% were seeking out ways of reducing their premiums and 34% were using financial websites to compare breakdown cover and other car insurance offers.
Commenting on the current market conditions, industry analyst Robert Mattai said that many customers were focussing on the various APRs charged by providers for monthly direct debit premium payments.
The firms which charged higher rates were seen as losing out in the long run as motorists opt for cheaper rivals instead.
Some insurance providers were also found to be currently advertising the fact they were charging 0% interest in order to attract new business.
Mr Mattai added: "Going forward it is possible that car insurance providers may offer more competitive monthly APRs due to increasing customer price sensitivity."
Datamonitor figures also show that around 47% of UK adults have seen a "worsening" in their household finances in the economic downturn.
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