Many Uninsured Motorists At Risk Of Expensive Fines
Hundreds of thousands of motorists in the UK are putting themselves at risk of heavy financial penalties because they have failed to take out an insurance policy on their vehicle, it has been suggested.
In the results of a new report by independent price comparison site MoneyExpert, it has been revealed that as many as 350,000 British motorists did not take out an insurance policy on their vehicle in 2007. Young people were said to be most likely to get behind the wheel without cover, with drivers aged between 18 and 24 said to account for 120,000 instances of uninsured driving.
MoneyExpert asserts that the hundreds of thousands of people who fail to take out a policy each year cost the average motorist an additional 30 pounds on their premiums - which for some could compound difficulties making payments credit cards, utility bills or personal loans. The group explains that motor insurance is a legal necessity and the minimum level of cover required is a third-party policy, which covers the costs of damage caused to other vehicles, but not to the costs of repairing the policy-holder’s car.
Those who fail to obtain this minimum level of cover are at risk of having six to eight points removed from their license, with the possibility of an outright ban and a fine of up to 5,000 pounds.
Sean Gardner, spokesperson for MoneyExpert, said: “It’s a real worry that many people persist in driving without insurance. They are putting the personal and financial security of others at risk. Insurance premiums have not risen to such a degree that cost can be the only excuse. There are many ways to get a good value policy but regardless of the cost as a legal requirement uninsured drivers should never get behind the wheel.”
The results of the consumer poll revealed that of those who had failed to obtain motor insurance, more than one in ten (11 per cent) cited lack of affordability as the principle reason for the offence. Those who are struggling with the costs of motor insurance and other aspects of financial expenditure may wish to consider taking out a debt consolidation loan. In doing so, consumers may find that they are able to regain control of their outgoings and manage payments in one monthly sum.
Other contributing causes for driving without insurance stated by motorists were failing to renew an annual policy and emergencies that required them to drive someone else’s car. For 13 per cent of respondents, driving uninsured was a deliberate course of action.
For anyone who is unsure of whether they are currently covered under a motor policy, MoneyExpert advises that insurance providers should be contacted immediately to resolve the uncertainty.
Britons looking to save on the costs of keeping a car on the road may be interested in advice from Sainsbury’s Bank. A recent study by the firm revealed that 195,000 Britons may miss out on savings of up to 1,468 pounds because they are unwilling to try and talk down the price of a new or used vehicle. For those looking to purchase a new vehicle, a personal loan may also be of use in meeting costs.
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