Cheaper Car Insurance

I have always said car insurance is a losing bet. Basically, you are betting you will get into an accident by paying your monthly premium; the insurer is betting you won't. The consumer can't win. If you cash in your "bet," that means you've wrecked your car. If you don't, the insurance company has your money!

I know that's an oversimplification, but buying car insurance has always been an escalating expense for the consumer. Until now. Recent research shows car insurance premiums actually dropped last year in the UK. Increased competition in the industry, largely from online car insurance providers has driven the cost to the consumer down.

It's the classic internet model. A business like the insurance industry primarily deals in information and money. Both things are easily dealt with online which reduces or eliminates the need for excess infrastructure. The money saved by the car insurance company is then passed on to the consumer in the form of reduced prices. Sprinkle in a bunch of competition and you have declining prices.

Finally, a car insurance bet the consumer wins!

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