We all love a good bargain, but when it comes to car insurance, cheaper isn’t always better. Here’s why going for the cheapest option could actually cost you more in the long run.
Cheap car insurance premiums = high car insurance excess
Many ‘cheap’ insurers offer low monthly premiums but make up for it with sky-high excess fees when you claim. You might think you’re saving, but when you need to claim, it could cost you thousands.
Limited car insurance cover
Ever seen a super cheap quote and thought, ‘This is too good to be true’? It probably is. Many budget insurers strip down their cover to the bare minimum – leaving you exposed when you actually need it.
No extra perks
Extras like roadside assistance, accident assist, and hail cover might not be included in cheap policies. Make sure you know what you’re paying for!
FAQs
- Is cheap car insurance a good idea? Not always – check what’s actually covered and compare benefits.
- Why do cheap insurers have high excesses? They lower premiums by shifting costs to the client when claims happen.
- What’s a reasonable excess to pay? It depends on your budget, but balance affordability with claim costs.
- How do I check if my policy is worth it? Look at the benefits vs. premium cost and compare different insurers.
- Which insurer offers the best value for money? King Price offers decreasing premiums with solid benefits, making it a great value option.
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