4 Hidden Charges To All the time Look For In Your Automotive Insurance The High quality Print – Information Nation UK

The cost of car insurance includes hidden fees – and research has shown that these are becoming more common.

In fact, auto insurance fees have increased over the past five years, according to financial data firm Defaqto.

Not only are these costs increasing, but so are the number of policies to which they are applied.

In 2016, around one in ten drivers paid a set-up fee when taking out car insurance – now around half of them.

In addition to these fees, drivers also pay additional fees if they choose to pay the insurance cost monthly rather than annually.

Additional fees are also charged if the driver takes out additional insurance, so-called additional insurance – such as key covers or protection for handbags.

1) Setup fees

Half of all policies now include a setup fee of up to £ 60.

As the name suggests, these are costs that are paid when you first take out insurance.

Defaqto said 44 percent of auto insurance contracts now include a setup fee, up from 14 percent in 2016.

The company said that around 10 percent of motorists are now being charged 60 pounds or more.

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2) Renewal Fees

In addition to the set-up fees, auto insurers also charge “renewal fees”.

These are paid when a car insurance contract ends and the driver renews the policy with the same insurer.

In 2016, around 9% of motor vehicle insurance companies levied these fees, and the figure is now 44% of providers.

More than a quarter of insurers charge between £ 20 and £ 39.99 for policy renewals, while 8 percent charge £ 60 or more.

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3) cancellation fees

If you take out insurance, you may also be charged a fee if you cancel it within the statutory withdrawal period of 14 days.

In fact, 51 percent of auto insurance policies now charge a cancellation fee within that period, which can be more than £ 60.

4) Customization Fees

Drivers can also pay adjustment fees for changing policies – adding a second driver, for example.

This cost can reach £ 35.

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Mike Powell, Defaqto's auto insurance expert, said: “With new taxes on emissions and regulations on what to and cannot drive, many people in the UK are buying new cars this year but are at risk of being caught at extra cost will .

“With the increasing use of price comparison sites, customers are often looking for the cheapest deal and not reading the fine print about fees.

"It pays to take your time when choosing a policy and find out exactly what you will be billed for."

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How to see if you are being charged a fee

Insurance providers have a “Terms and Conditions” document that lists all policy fees. Make sure you search for this document before purchasing a cover.

If you cannot find this document, the information may be on the insurance document or on the insurer's website. Pay attention to the policy fees to make sure you know what is being billed.

If you can't find the information, speak to a real person at your insurance company and ask them to confirm in writing the policy fees charged so that you have a record.

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