Car insurance is a necessity for anyone who wants to drive a car on UK roads, but it can be a financial burden. That’s why many people search for cheap car insurance in the UK – to save money. But why are we so addicted to finding the best deals on car insurance? Is it just about saving money or is there something else going on?
In this article, we’ll take a closer look at why people search for cheap car insurance in the UK, and what it reveals about our relationship with money and car ownership. We’ll also explore the potential risks of buying cheap car insurance, and how to find the right policy for you.
By the end of this article, you’ll have a better understanding of why we’re so addicted to finding the best deals on car insurance, and how you can make sure you get the right cover for your needs.
The Reasons Behind Our Addiction to UK Cheap Car Insurance
Car insurance is a necessary evil that we don’t enjoy paying for – but we need it. Or do we? The reality is that many of us buy more car insurance than we need, and that’s why we’re so addicted to finding the best deals on car insurance. We’re all guilty of it, and it’s understandable when it comes to buying car insurance. After all, it’s one of the largest outgoings we have, sometimes more than the cost of a year's petrol and more than the cost of the car itself in many cases. So: one of the biggest reasons we’re so addicted to finding the best deals on car insurance is the financial burden it can put on households.
Insurance premiums are calculated based on the probability of a claim being made, and some people will pay more than others. So, if you have a history of making claims or have a high-risk profession, you’ll likely pay more for car insurance than someone with a clean driving record.
If you’re struggling to make ends meet, car insurance can add an extra financial burden that’s too much to handle. It may not seem like a big deal at the time, but over time, it can add up and lead to financial difficulties. Car insurance premiums vary depending on the type of policy you have, the type of car you drive, and the level of risk you pose to the insurer. The level of risk is determined by your driving history and personal details, and there are ways to reduce your car insurance premiums. Shop around to see how much different car insurance companies charge, and select a policy that’s within your budget. Make sure you take into account any applicable discounts, such as a clean driving record or installing a tracking device.
The FOMO Factor
The fear of missing out is a huge factor in our society, and it’s something that marketers have been capitalizing on for years. Car insurance is no exception, and we’re often bombarded with ads urging us to buy cheap car insurance. However; no-one seems to mention the advantages of paying just a little bit more, and these advantages could be:
- Buying from a well known company with a reputation to protect, rather than someone you've never heard of
- Dealing with a company you can contact quickly when you need them, rather than having to send emails to someone who may, but may not, reply promptly (if at all)
- Having a lower excess to pay out of your own pocket in the event of a claim (remember that you have a compulsory excess as well as a voluntary one; and these could add up to more than the claim itself!
- Paying little or nothing for a mid-term adjustment (MTA) if you change address, or your job; yes you have to tell them, and we have seen MTAs as high as £100, just for someone to spend a few seconds changing details on a computer
- The peace of mind of dealing with a UK based company rather than one in The Channel Islands or Gibraltar which may not be as ethical as they should be
- We could go on, and on ...
Fear of missing out is a driving force behind many of our decisions – and it often leads us to make poor choices. With car insurance, the fear of missing out is likely to lead you to make a rash decision and choose a policy that’s not right for you. If you buy cheap car insurance and it’s not suitable for your needs, you could end up paying more in the long run. If you buy cheap car insurance, it’s likely to have insufficient coverage for your situation. This could mean that you have to pay more out of your own pocket if you make a claim, or it could even result in the policy being cancelled if you can't keep up with the premium.
The Need for Control
Many people struggle to control their finances, and this can lead them to buy cheap car insurance as a way to regain some control over them. The problem is that buying cheap car insurance isn’t a long-term solution. The only way to reduce your car insurance premiums is to buy a smaller car or improve your driving record so that you’re seen as a lower risk. So, if you buy cheap car insurance today and you have an accident, injury, or theft, you’ll be left with a huge financial burden and no control over the situation. You could be left to cover the costs from your own budget, and you could be left struggling financially as a result.
The Desire for Status
Many of us want to fit in and be seen as successful, and part of that is owning nice, expensive things. One of the biggest expenses in our lives is owning and maintaining a car, and many of us struggle to make ends meet as a result. However many of us have much bigger cars than we need, packed with gadgets we rarely if ever use, just so we can be seen to be 'high status'. When we buy cheap car insurance, we may save money on the car insurance premiums. However we could be putting that very expensive car at risk if the cover proves to be inadequate!
The Risks of Buying Cheap Car Insurance
There are a number of risks associated with buying cheap car insurance, and it’s important to be aware of them before you buy a new policy. Unfortunately, there are no quick and easy ways to find the right car insurance policy for you, and you may face some false economies by buying a cheap policy, and you may end up paying more in the long run because you’ve bought a policy that doesn’t offer the right level of cover for your needs.
There are a number of ways in which cheaper policies can let you down, such as:
- You may not be covered for the types of driving you do, you may have a lower level of cover than you need
- your policy could be invalidated if you make a mistake on your application
- The insurer may quibble over a claim, pointing to small print in the policy.
- You may have a huge excess to pay that could even exceed the cost of a claim, leaving nyou to pay the whole lot yourself.
It is absolutely vital; before you buy a policy, it’s important to make sure you know what you’re getting for your money.
How to Find the Right Policy for You
As you can see, there are many reasons behind our addiction to cheap car insurance. While it can be a useful tool for budgeting, it’s important to know that the cheapest car insurance policy may not be the best one for your needs. To make sure you get the right policy, you should do a little research and compare car insurance quotes. You can start with a car insurance comparison tool, like the one at PrudentPlus. A car insurance comparison tool will not only give you an idea of what different providers charge for cover, but also what you'll get back in return.
You might then use this information to talk to a car insurance broker. A broker can help you find the right policy for you, taking into account your driving record, your age, and the type of car you drive.
The reasons behind our addiction to cheap car insurance are varied and sometimes contradictory. Some people may be driven by a financial burden, while others may be driven by a need for control. Whatever the reason, it’s important to remember that the cheapest car insurance policy may not be the best one for your needs. To make sure you get the best deal, do a little research and compare car insurance quotes. You can also talk to a car insurance broker for help finding the right policy for you. By uncovering the reasons behind our addiction to cheap car insurance, we can make sure we get the right cover for our needs.