Cheap Car Insurance
Welcome to this blog about cheap motor car and vehicle insurance.
The credit crunch has brought all sorts of repercussions in people's finances. Not everyone is cut out to make a living on Forex and even if they were, Forex can bring you up, just as much as Forex can bring you down.
But other ways can be used to help you financially. Saving on the things that you have to purchase by default, such as your car insurance, makes sure that you end up with a little bit of more cash in your pocket. But is cheap car insurance always worth it?
In this blog we will be discussing the pros and cons of getting a better insurance for a slightly higher price or risking more to purchase a cheaper auto insurance (or vehicle insurance).
The groundrules for this blog are that all information has to be backed by a link - for instant credibility. What we will be dishing out is information brought from major influential institutes in the Insurance Market such as the CII and Lloyd's. We shall state so when we do.
Please feel free to post your own stories on the pros and cons of cheap car insurance. Your first-hand experiences are priceless and may be of assistance and enlightenment to other guests and visitors of this blog.
So, Good luck for now and in the face of cheap car insurance, do ask yourself a couple of questions about whether it's worth it.
Cheap car insurance
This is from the CII main website. We think it makes interesting reading.
ReplyDeleteCrunch turns focus back to personal insurance
Press Release / News item
11/05/2009
A recent survey of members of the Personal Finance Society, in conjunction with Protection Review and the software company, Fineos, highlighted renewed focus on protection amongst financial advisers, with 63% of members believing that the importance of personal insurance has increased as a result of the current economic turmoil.
Fay Goddard, CEO of the Personal Finance Society, commented: “Nearly 1,000 PFS members participated in this research and it is clear that the economic downturn has refocused the attentions of advisers on their clients’ protection needs. Our sense of health and mortality inevitably becomes sharper when we are surrounded by financial turmoil, and protecting our loved ones becomes a higher priority. As you might expect, the survey shows the cost of insurance is even more important this year and advisers clearly expect insurers to do more to increase consumer awareness of the importance of personal insurance protection.”
Interesting research findings include:
76% of advisers tend to agree that clients are thinking more about their protection needs. However, the financial pressures on consumers are evident with 67% of advisers tending to agree that clients are often looking to cut premiums or discontinue cover altogether;
Over 70% of respondents agreed or strongly agreed that their clients have less trust that the State will provide;
85% of advisers tended to agree that raising consumer awareness would be the most likely action to help increase the levels of protection insurance amongst consumers. 84% also tended to agree that lower premiums would have a similar effect;
Advisers tend to agree that they are still not getting the levels of service they expect from insurers, with the biggest issues being ‘time it takes insurers to get medical evidence’ and ‘the time taken to resolve admin queries’;
71% believe that the PFS’s training and development focus on protection is ‘about right’.
Andy Couchman, co-editor of Protection Review, commented: “The results of this research, one of the largest of its type ever conducted, show that advisers are feeling the effects of the recession, as are their clients. Their demands from the industry have risen accordingly, but the industry is also responding - although not quickly enough in terms of service improvement, product innovation and IT implementation.”
The 2009 survey was run in association with Protection Review and Fineos, attracting a 38% higher response from PFS members than similar research conducted in 2008. Full results will be published in the 2009 Protection Review book, which is launched on 25 June (see www.protectionreview.co.uk).