Industry News from Yes Insurance

Millions of pounds will be spent by motorists picking up vehicles with new 58 registration plates this year, it has been claimed.

Research from uSwitch.com has found that some £168 million will be wasted on car credit deals, when there may be another way of financing a purchase.

According to the price comparison site, a personal loan with a low rate of interest could save consumers around £826 in interest payments over three years.

The extra money could be used to pay off road tax and expensive car insurance bills.

Simeon Linstead, head of personal finance at uSwitch.com, remarked that shopping around for a good deal is a smart move.

He said: "Trusting consumers may think that purchasing a vehicle from a reputable dealer also means they will be offered the most competitive finance deal - but this is certainly not the case."

This comes as uSwitch.com found that motorists in Britain are paying more for fuel than European drivers.

Looking for a cheap car insurance quote? Why not try yesinsurance.co.uk