Industry News from Yes Insurance

Drivers in the UK are paying £2.36 billion extra each year when it comes to car insurance, it has been reported.

Figures from uSwitch.com show that this is on top of the £8.5 billion they already pay and that the excess amount covers an involuntarily policy that normally accompanies a premium.

The firm added that half of all motorists on the road pay between £167 and £1,020 every year.

As a result, uSwitch.com head of insurance Aron Thompson has commented that people may think twice about reporting accidents in the future.

"With the average cost of a claim currently at £1,636, drivers with a maximum combined excess of £1,099 have to carefully weigh up whether to make a claim or not," he said.

Earlier this month, the Association of British Insurers claimed that where a car is parked overnight can have a significant affect on a car insurance policy.

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