According to a new survey from direct car insurance and price comparison website car-insurance-uk-supermarket.co.uk, 63% of people in the UK believe that finding cheap car insurance is more important than finding the best cover.
Almost a tenth (9%) regarded saving money as all that matters when they buy car insurance. For this sizeable group, equivalent to 2.7m drivers nationally, what is included or excluded from their car insurance policy is not of interest to them as long as they are able to buy cheap cover.
Only 8% are likely to be willing to pay more to get better car insurance as they said that finding the best policy was more important than buying cheap car insurance.
A tiny proportion, 1%, did not consider price in making the policy selection.
Around a quarter (29%) thought that saving money on car insurance and getting the best policy were of equal importance. Many of these, presumably, would be willing to pass over some of the most 'no frills' car insurance quotes to get better cover but would still be ready to compromise on cover to save money.
Even if these last figures are added together, little more than a third (37%) regarded the cover to be as important or more important than the price they paid for car insurance.
Over a hundred respondents completed the survey in May 2011 via an optional online questionaire published alongside articles on the car-insurance-uk-supermarket.co.uk website.
The findings show that the high and increasing cost of car insurance has forced drivers to focus on reducing this cost, even although doing so can significantly reduce their cover.
Figures from the British Insurance Brokers' Association (BIBA) showed that 57% of people had reduced their level of insurance cover in 2009-2010 and the above perecentages would suggest that this figure may be even higher this year despite the risks of buying ever more 'no frills' car insurance policies that provide limited cover and often have a high excess.
Most price comparison sites have reported an increase in their use, consistent with the public's desire to buy cheaper cover following the increase in the cost of car insurance by 40% over the year to the end of March 2011 (as measured by the AA's Insurance Price Index).
It would appear that saving money by buying cheap car insurance via a price comparison site while paying limited attention, if any, to the associated policy features has become the norm for most people.
The car-insurance-uk-supermarket.co.uk has warned drivers that as car insurance has increased substantially in price that to maintain a reasonable level of cover, they should expect to pay more than last year even when they compare car insurance prices on a price comparison site.
Consumers should also scrutinise the cover provided by each car insurance policy before buying and they should be willing to pay more to get a prudent level of cover that will effectively meet their needs in the event of an accident.
About car-insurance-uk-supermarket:
Established in 2005, car-insurance-uk-supermarket.co.uk has been helping consumers to find economic car insurance quotes for longer than many of their competitors. As a provider of authoritative motoring and car insurance news, other websites republish their free news channels.
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