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Drivers 'not claiming on cover'
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Written by Jenni Marsh, 24/08/09
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Motorists are so concerned about losing the financial benefits of their no claims bonuses that they are not using their insurance policies fully, it is claimed.
Research conducted by comparison website confused.com found that 40 per cent of vehicle owners are footing the bill for small accidents rather than claiming on their car and bike insurance policies.
Those aged between 18 and 25-years-old - when insurance is typically more expensive - are most guilty of this, with 66 per cent prepared to pay to protect their no claims bonuses.
Financial advice website moneyhighstreet.com conducted a quick scan of comparison websites and found that having this privilege intact can save vehicle owners up to 50 per cent on their premiums.
Head of motor insurance at Confused.com, Will Thomas, said: "When it comes to making a claim, it is important to assess the financial impact it might have on insurance in the future, in terms of premium and no claims bonus."
He added that while it is advisable for motorists to build up a few good years of no claims bonuses, riders should not lose track of why they have insurance policies.
It seems the over 55s have got this message loud and clear – the vast majority of those quizzed in this age bracket said they claim on their insurance policy when the cost exceeds the excess on their premium.
Earlier this month, riders looking for a new bike insurance policy were advised by the Detroit News to spend some time shopping around.
Failing to do so, the newspaper said, could cost them dearly in the long run.
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