Although it’s difficult to find impounded car insurance providers, don’t feel obliged to stay with the same insurer the following year.
Every year in the UK thousands of people are wasting money by not shopping around or using an experienced broker when taking out an impounded car insurance policy. Although there are a limited number of companies that provide insurance for impounded cars, it is important to compare quotes from as many insurers as possible. It is also important that you shop around the following year when your policy is up for renewal.
If you let your insurance provider renew your impounded car insurance policy a year later, it’s highly likely that you’re paying more than you need to. Research shows that somebody who allows their car insurance to automatically renew with the same provider for two years will pay £113 more than if they had shopped around for their policy.
With impounded car insurance already coming at a premium, the effect of allowing your policy to automatically renew can cost even more. Drivers that are perceived to be at a higher risk of claiming will always pay more for their car insurance; offence that result in having the police impound your car tend to be quite serious, such as driving without a valid insurance policy. This means that impounded car insurance can be quite expensive in comparison to a policy for somebody with a clean driving history.
Anybody who has had their car impounded by the police will know that it can be very difficult to find a car insurance provider that offers impounded car insurance. When you request a quote the vast majority of insurers will ask is whether the vehicle is currently in a police compound. If the vehicle has been impounded most insurance companies will refuse to offer cover.
After struggling to find and impounded car insurance policy it may be tempting to stay with the same provider for the following year, especially as you may have a driving conviction or penalty points from when your car was confiscated. It’s easy to think that other providers will hike their prices and stick with your existing cover. There are many insurance companies that can offer cover for convicted drivers so there is a good chance that you will save money by shopping around.
Nationally over £1.3 billion is wasted by spending more on insurance products that we need to, simply by allowing our insurance providers to renew our cover year after year without shopping around.
