Changes to car insurance cost a third of a billion last year

by Richard Kilner

Story link: Changes to car insurance cost a third of a billion last year

Price comparison site uSwitch.com has calculated that changes/amendments to car insurance policies rack up a total cost of £333m per year.

The fees are incurred when motorists fail to inform their insurers of changes to either their care or their personal information, which could potentially throw the insurance policy into jeopardy.

According to the website, approximately 14m people altered their policies last year, incurring an average cost of £22.

In 2007 rules regulating higher charges were abolished, leading to some insurers charging significantly higher sums.

Ashton Berkhauer of uSwitch.com considers the charges unfair, and has called on the industry to create a standardised charging system.