LV= Car Insurance: Motorists downsizing during downturn

www.moneynews.co.uk > Insurance > LV= Car Insurance: Motorists downsizing during downturn

LV= Car Insurance: Motorists downsizing during downturn

Mon 2nd Feb 2009

LV= Car Insurance has released research which reveals that many motorists are choosing to sell their cars in favour of smaller models as a way of saving money during the economic downturn.

The insurer found that nearly one in five drivers has downsized or sold one of their cars recently, with 29 per cent citing cheaper car insurance premiums as their primary motivation for doing so.

Nearly two-thirds of those who have downsized told LV= Car Insurance that their main reason for choosing a smaller vehicle was to save on fuel.

John O'Roarke, managing director of LV= Car Insurance, said: "This is undoubtedly a smart move, as the credit crunch looks set to bite deeper.

"Motorists downsizing should be able make significant savings every year without having to consider getting rid of their car altogether."

Recently, LV= Car Insurance signed an agreement with Nationwide to become the sole provider of motoring cover for the building society's customers.

Click here for more insurance news

Related News : Insurance
	Under-insurance 'a costly mistake for Brits'
	Rodents and pests 'causing havoc for homeowners'
	Brits 'should be aware of home cover details'
	PPI scandal 'has helped tighten financial regulation'
	Location 'can impact home insurance costs for Brits'
	FSA and CC 'failed to tackle PPI issue head-on'
	Pet cover 'important for Brits to get right'
	UK homes are 'falling into disrepair'
	Brits advised on reducing home insurance cost
	UK insurance 'has become more complex'

Related News : Nationwide
	Nationwide launches new credit card reward scheme
	ICB report recommends easier current account switching
	Mortgages are cheaper than two years ago, claims study
	Students fail to take out insurance 'due to apathy'
	Demand for fixed rate mortgages 'increases in economic uncertainty'
	Nationwide reduces rates on five-year fixed mortgages
	Intermediary mortgage lending 'increases for second quarter'
	Nationwide improves mortgage products for intermediaries
	Nationwide reduces fixed mortgage rates
	NLA survey reveals landlords jittery over possible rate increases

Related News : LV=
	New annuity launched by LV=
	Retirement age 'to be brought forward by ten years'
	Equity release decisions 'need to be carefully considered'
	Equity release should be carefully considered, claims expert
	Equity release rules simplified by LV=
	Barings report shows huge numbers without pensions
	Equity release to replace pensions, suggests LV= survey
	LV= simplifies equity release regulations and cuts mortgage rates
	LV= urges govt to keep pensions calculator reform on the table
	LV= supports pensions calculator proposal