Drivers Avoiding Car Insurance Claims Due to Financial Risk: Study Shows 1 in 4 Drivers Opting Out

Are you one of the many drivers who avoid making a car insurance claim out of fear of financial risk? According to recent data, one in four drivers choose not to make a claim in order to protect their no claims bonus and avoid excess costs on their premiums.

Greg Wilson, CEO and car insurance expert at Quotezone.co.uk, highlights the importance of being transparent with your insurance provider. He explains that while settling smaller incidents outside of your insurance may seem like a cost-effective solution, it could actually put you at greater financial risk in the long run.

Wilson also emphasizes the significance of tracking your driving history and understanding the savings you are entitled to. By being aware of your no claims discount and negotiating with your insurer, you may be able to secure a better deal on your car insurance premium.

Gocompare further explains the concept of a no-claims discount, stating that it is a discount on your insurance premium for every year you drive without making a claim. The longer you go without making a claim, the greater the discount you can receive.

Ultimately, it is important to weigh the potential financial risks of not making a claim against the benefits of protecting your no claims bonus. By staying informed and transparent with your insurance provider, you can make the best decision for your financial well-being.