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Couples wasting money on car insurance

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26/02/2008

Co-habiting couples could be wasting money on their car insurance premiums by failing to take out joint policies, research from TescoCompare.com warns.

TescoCompare.com highlights that co-habiting couples could be saving an average of over £100 by adding their partner as an additional driver to their existing car insurance policies.
Despite the savings to be had, TescoCompare.com’s research shows that two-thirds of couples fail to tell their insurer immediately when they move in together, potentially missing out on a lower premium.

Almost half of couples wait to notify their insurer until their policy is up for renewal, while 17% admit to not adding their partner to their policy at all.

Paul Baxter, spokesperson at Tesco Compare.com, said: “Many people believe that adding their partner to their existing car insurance policy will immediately increase their premium, but in reality this is not the case. Car insurers assess the individual risk profile of each customer and couples living together typically carry a lower risk, resulting in lower premiums.

“There are many things drivers can do to lower their annual car insurance premium and adding your partner can be an effective way of cutting costs.”

 

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