Industry News from Yes Insurance

Car insurance customers may be interested to know that over £800 million pounds will be wasted when customers invest in new cars with 2007 registration plates, according to a price comparison website.

Moneysupermarket.com has reported that buying online, rather than employing a local high street dealer, could save approximately £3,728 on the most popular cars on the market.

Customers could then spend more money on road tax and car insurance.

And buying the car is also an issue of contention for the group, which claims that £3.5 million could be saved by motorists if they chose to pay by taking out a small loan rather than take a forecourt finance deal.

Richard Mason, director at the company, claimed 97 per cent are missing out on the savings on offer.

"After spending time getting the best price on their new car purchase, people ought to find the most cost-effective way of paying for it," he said.

Money charity Credit Action claims that the amount of personal debt in the UK hit £1.25 trillion in December last year.

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