2020 UK car insurance industry watch covers the most important news stories, trends, research, opinion and developments for 2020.
If you are actively searching for a new cheap car insurance quote in 2020, and looking to SAVE money on your next policy then click through to the HomeApproved home page and you will find the relevant get a quote buttons at the top of the page.
Six ways your car insurance could change in 2020
Motor insurers have long been subject to scrutiny about how fair (or not) their prices are – specifically for customers who don’t shop around.
In 2019 the industry regulator the Financial Conduct Authority (FCA) released a broad and scathing report.
This concluded that six million customers weren’t getting a good deal on their insurance. It also suggested a number of remedies to help fix the problem.
How to get a better deal on your UK car insurance
Don’t wait before buying:
The closer you are to your policy starting, the higher the premium you’ll pay. So don’t put off buying your insurance.
Don’t assume your insurer is offering you their best price:
People who challenge their renewal premiums generally get offered better prices.
See what you’re ‘worth’:
even if you don’t plan to switch, use a comparison site (a few, if you can) to get a good impression of the best prices available for the cover you want.
Only buy what you need:
Insurers make large profits off selling ‘add-ons’. Some of these are highly valuable, but others – on reflection – might not be vital to you.
Don’t get sold short:
If an insurer’s questions, or those on a comparison site, don’t seem to adequately capture your circumstances, call the insurer to make sure they get the full picture. You could otherwise end up overpaying or not being properly insured.
Sony announces electric car concept
Electronics giant Sony has surprised attendees of the 2020 CES Tech show by unveiling an electric car dubbed the Vision S.
The vehicle is a prototype designed to show off the firm’s sensors and in-car entertainment technologies. The dashboard is flanked by an ultra-wide panoramic screen “for driving information and entertainment”.
However, Sony did not indicate that it had any plans to sell the car to the public. On the outside, the Vision-S casts nearly the same silhouette as a Tesla Model 3, Lucid Air or Porsche Taycan.
It’s an unimaginative design, but it’s forgivable. What Sony is really showing off is the interior, the sensors, infotainment and user interface.
A total of 33 sensors pepper the car inside and out, including complementary metal-oxide semiconductor (CMOS) camera imaging, solid-state lidar and radar. The same sort of technology Toyota and Lexus currently use for their driver-assist systems.
Evolutions in Imaging and Sensing Technologies in the Realm of Mobility
“Safety Cocoon” represents a safe-zone concept in which supports vehicle safety in various daily driving situations by detecting 360 degrees around the vehicle, enabling early preparation to help evade risk.
Through Sony’s imaging and sensing technologies, which are beyond the human eye, the company aim to contribute to the achievement of safe, reliable, and comfortable mobility experiences.
Where in the UK are Car Insurance Premiums Rising Fastest?
The latest Willis Towers Watson / Confused.com Car Insurance Price Index is out. Read on to discover which region in the UK was hit the hardest and which was nearly spared in terms of increases in comprehensive car insurance premiums.
According to the index, the average premium in the fourth quarter of 2019 stood at £815, which is higher compared to both the previous quarter (£783) as well as the same period in 2018 (£774). It also showed that costs went up across all regions in the UK over the last 12 months.
The biggest annual rise (8%) was seen in Inner London where motorists now pay an average of £1,260, while the Scottish Borders posted the smallest year-on-year hike of 1% to £615 in average premium. Meanwhile the region with the cheapest car insurance, at only £595 on average, is the South West.
Many of the challenges faced by the UK motor insurance industry throughout 2019 will persist in 2020, as cost pressures remain from expensive vehicle repairs, theft claims, last summer’s discount rate change, Brexit-related uncertainty, and IPT (insurance premium tax) increases.
Compiled using anonymous data from all enquiries submitted on Confused.com, the index analyses prices that are based on an average of the best five quotes received.
Source: Insurance Business Mag, January 2020