Your insurance company is not obliged to send you a notice for renewal of your car insurance. The onus of keeping track of the renewal date falls on you. If you forget to renew the policy, you might get caught by the police and would have to pay a hefty fine. If policy fall due near the end of month and you are short of cash to pay the premium, do not worry. Simply apply online for a no credit check payday loan. The loan will be deposited into your account the same day or within 24 hours. Consumers in UK are facing rocketing car and home insurance premiums in the past 24 months. Since January 2009 average quoted premiums have risen by over 30%, and by the end of 2010, there might well be an unprecedented 50% rise in just two years, according to Insurance Director of AA [The Automobile Association Limited]. In the second quarter of 2010, premiums rose by more than 11%, the biggest increase since the survey started 16 years ago. The average yearly cost of a comprehensive motor insurance policy has soared by more than 30% over the past year from £538 to £704.
The insurers are losing money on car insurance business : in 2009, for every £1 the retail motor industry received in premiums, it had to pay out £1.20 in costs and claims. Fraud is the major cause why British consumers have to pay more for car cover. New fraud tactics include providing false information and claiming for non-existent personal injuries. Fraudulent claims of all kinds account for around £1 billion a year.
Tips to cut your car insurance costs
- Shop around for cheapest motor insurance quotes. There are several comparison web sites comparison websites, such as Confused.com, uSwitch.com, moneysupermarket.com, insurance.co.uk and Tescocompare.com available .You can still look for a cheaper insurer if you are renewing your policy.
- Having a mileage limit in your insurance policy : if you live close to your work place and use your car for office commute and errands only, then consider agreeing to a lower mileage limit.
- Try to add a older partner to your policy, whether a parent or spouse. Insurers charge less for such policies than they do for ones designated ‘main driver with one named’. Older family members are considered safer drivers. This could save younger drivers a further 15 per cent. The second person need not ever drive your car.
- Test different legitimate job descriptions for quotes.
- Do not jazz up your car : modifying your car, like lowering the suspension or adding a rear spoiler, could add up to 171 per cent to the premium.
- Keep your car safe : If your car is vulnerable, the insurer hikes the premium. Park your car in garage or driveway. Install an approved alarm and immobiliser.
- Do not claim for damages under £500 : You can lose one or two years’ no-claims discount. No claim bonus accounts for savings of up to 70 per cent in your policy price.
Use a payday loan to buy or renew your car insurance
UK Online Payday loan does not ask you the purpose of the loan. You can get instant cash up to £1000 if you are employed and have a bank account where salary is credited.