Car insurance companies slashing rates to attract customers
Consumers searching for attractive deals on personal finance products such as car insurance are likely to have many options available to them due to the intense competition between companies in the sector.
That is the opinion of Lindsay Williamson,
secretary at the Insurance Society of Edinburgh, who has said that this market - which also includes other areas such as home insurance and travel insurance - is being hotly contested by firms desperately trying to attract customers.
Anyone looking to find the cheapest car insurance rates should use price comparison websites to compare a number of car insurance companies based on a range of data that is collected by the site in order to find the right policy for you.
Consumers have also been made aware of several ways that they can reduce their insurance premium, such as checking from several job titles that could apply to you.
Ms Williamson noted that because organisations are slashing quotes in a bid to gain a share of the sector, individuals may be able to access cheap deals in the near future.
"Most products are very price-sensitive - even commercially, companies are competing in a market now that is probably a bit overcrowded," she explained.
This comes after Aviva revealed last week that it had experienced a 26 per cent rise in its operating profit figures last year.
Meanwhile, car insurance premiums would not be affected if the government permanently moved the clocks forward, it has been said.
People seeking the opportunity to compare savings on the best car insurance deals available in the UK would not be overly affected if the government decided to implement double British Summertime, an expert has said.
According to Neil Greig, director of policy and research at the Institute of Advanced Motorists (IAM), the breakdown car cover sector would not be significantly altered if the Conservative-Liberal Democrat alliance opted to do this.
Earlier this week, a spokesperson for the prime minister indicated that the coalition is looking into the possibility of permanently shifting the country's clocks forward by an hour as part of a new strategy to increase tourism.
It has been claimed in the past that doing so would also reduce the number of road traffic accidents occurring across the nation, but Mr Greig stated that "unfortunately", the potential move would not make a "big impact" on car insurance costs and premiums.
