The industry specialists at Click4GAP have speculated on reasons behind the country’s lowest car insurance premiums for four years.
Motorists are currently taking advantage of a record 19% drop in average premiums in comparison to this time last year. The price reduction takes place across all demographics, with both male and female motorists of all ages benefitting from reduced cover. There are a number of potential reasons for this with competition remaining fierce in the sector, as well as an increased use of telematics technology. The surge in personal injury claims, fraud and uninsured drivers has also dipped which is good news for the industry. The announcement comes as there was a reported fall in shares in car insurers on the London stock market.
Click4GAP specialise in GAP insurance, or guaranteed asset protection. In the unfortunate event of a car being totalled, GAP insurance pays the difference between the market value of a car and the amount originally paid for it.
Dedicated to pursuing updates and developments within the industry, the team at Click4GAP were naturally interested in the recent news. A representative from the UK based firm shares their thoughts on the subject.
“It’s great news for consumers that car insurance premiums are on their way down. There is a temptation among some motorists when premiums are particularly high to scrimp on insurance that isn’t comprehensive enough, but this can have dire financial consequences in the long run. Whilst premiums are low it is a good time to think about GAP insurance. If you are buying a car using a personal loan, have a contract hire deal or you’re simply worried that its value may depreciate quickly then this could be an ideal form of cover, helping you make significant savings in the long term.”
The team at Click4Gap look forward to following the progress of the market in the near future.
Click4GAP is recognised as the nation’s original and best GAP Insurance provider. Highly respected and trusted, the UK based firm has delivered thousands of policies over the past 6 years to a profile of very satisfied customers. Click 4 Gap is the only online provider focused on providing dedicated insurance solutions directly to the consumer. As well as being FCA registered the company is also a member of the Financial Ombudsman service (FOS) and the Financial Services Compensation Scheme (FSCS).
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