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Banking and Financial News
Do not rely on specialist insurers, warns moneysupermarket.com - 05/02/2008
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Providers of specialist insurance do not always offer the best deal for female or older drivers, according to price comparison website moneysupermarket.com.
The firm's director of insurance, Richard Mason, highlighted that shopping around across the insurance market is advisable, as specialist insurers do not automatically work out the cheapest.
Research by moneysupermarket.com found that a 30-year-old female driving a typical car such as a Ford Focus will be charged an average £269 for insurance supplied by a women-only brand.
This is 55 per cent more expensive than the average traditional insurance provider who will charge her around £174, moneysupermarket.com claimed.
Mr Mason conceded that specialist insurance providers may "sometimes come up trumps" when it comes to cost and added benefits such as cover for handbags, "chances are they will be usually be beaten on premiums".
Meanwhile, a similar situation was uncovered when moneysupermarket.com considered the situation of older drivers.
"Motorists shouldn't only rely on specialist insurers no matter what specialist group they may be in. It pays to scour the market for the best cover to suit your needs," Mr Mason reiterated.
The firm's warning comes as new research from MoneyExpert.com suggested four out of five adults could obtain a more cost-efficient financial product deal through switching to another provider.
It claimed some £547 a year could be saved by savvy households who shop around for a better product.
© Adfero
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