Industry News from Yes Insurance

Drivers looking to tighten their belts could be missing out on an opportunity to save money on their comprehensive car insurance, if a new study is anything to go by.

A poll by Experian revealed even motorists looking to cut the amount they spend were reluctant to downsize.

Of those questioned, 67 said running costs were an important consideration when buying a new car, but less than 20 per cent were prepared to consider trading in their current vehicle for something with a smaller engine.

The proportion willing to contemplate a more diminutive motor altogether was even lower - at 16 per cent.

Younger drivers were less open to the idea of downsizing than their older counterparts and women were more unwilling to opt for a smaller car than men.

Kirk Fletcher, managing director at Experian, stated: "Even when living through a downturn, there is still a reluctance to downgrade."

However, people who do decide to trade their current vehicle in for a less powerful one may find they make significant savings on their comprehensive car insurance.

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