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1.3million of us make a car insurance mistake costing up to £155 Insurers need to be transparent about the fees they charge and products need to meet customers needs.
10:41, 15 MAR 2021
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Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice Cancelling annual car insurance before a policy is up costs UK drivers millions of pounds in additional charges every year, reveals flexible insurance provider, Cuvva.
According to data from LexisNexis, around 1.3 million car insurance policies are cancelled each year in the UK. With insurers charging an average cancellation fee of £55, Cuvva has calculated drivers fork out in the region of £71.5 million each year in extra fees to end their annual policy early.
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“They’re locked into annual car insurance contracts because there aren t viable alternatives and are then penalised if their circumstances change and they end a policy early.
Cuvva has urged road users to ask an insurer to list all the additional costs associated with a policy before they sign up.
It warns a policy may look like a good deal but added fees can add up to be a lot more expensive than first imagined.
It urged road users to consider more flexible car insurance policies which do not charge fixed cancellation fees.
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A flexible policy means drivers are not tied down to a fixed contract and can leave at shorter notice.