It’s likely to be a challenging year for comparison sites, as UK consumers complain about rising car insurance costs, regardless of loyalty, NCD, or shoopping around online. In the end, the FCA is likely to respond to political pressure and TV shows like Panorama, Martin Lewis or C4 News, all of which are likely to return to the theme of expensive premiums throughout the year as the GE approaches.
The action? Hard to say, but something will be needed to placate angry drivers who feel they are being punished for the actions of the lawless sector, who drive without the correct cover – or just none at all.
One solution to the price issue is utilising partnerships which generate data; location, typical journeys, parking places etc. It’s all good as regards pricing risks in a more personalised, granular way. Here’s the word from MoneySuperMarket;
At a time when car insurance is at a record high, Caura has integrated MoneySuperMarket’s motor insurance comparison tool in a bid to save households money on their car insurance come renewal time. With drivers predicted to face increased car insurance premiums this year, the strategic partnership allows Caura users to benefit from MoneySuperMarket’s range of insurance products quickly and easily, choosing the best policy and price for their needs.
Founded in 2019 with the mission to overhaul car admin, Caura’s core offering is to try and cut down the hassle of car ownership and save drivers money in the process. The free-to-download app is trusted by hundreds of thousands of drivers up and down the UK and has seen a 100 per cent growth year-on-year (2022 versus 2023) when looking at the number of users, transaction volume and value. Caura allows any driver – whether they have one car or managing multiple vehicles – to pay for city charges (like ULEZ and Congestion Charge) and tolls, to book a service or maintenance through a garage of their choice and even get handy, in-app reminders when their tax and MOT is due.
Commenting on the Caura partnership, Sara Newell, Commercial Director – Insurance at MoneySuperMarket, said: “The rising costs of repairing and replacing vehicles and an increase in energy prices has had a big impact on the cost of car insurance. Our purpose is to help households save money by making it as easy as possible to compare and find the right financial products for your needs. This aligns with Caura’s aim of taking the hassle out of car ownership, managing motoring admin in one place, and saving drivers money in the process. Caura users will now be able to compare a wide range of insurance products quickly and easily to find the best policy and price for their needs.”
Discussing the enhanced insurance offering, Dr Sai Lakshmi, CEO & Founder of Caura, said: “The cost of motoring is huge. When you look at car ownership responsibilities as a whole, the largest cost, aside from buying a car, is normally car insurance… And that’s only going up. With the average cost of car insurance increasing by an estimated 29 per cent year-on-year in the third quarter of 2023, we wanted to offer our users an alternative, easier way to find the best deals on their car insurance, the Caura way. So, from today, users can open the app and with MoneySuperMarket’s tech, compare quotes from over 160 different insurance companies to find the best value deals.”
With the entire insurance cost comparison and quote process managed from Caura, users can rest assured that they’ll only be receiving quotes from trusted insurers, all working to quote on the best price and policy that suits their needs. That’s because all 163 insurers currently on MoneySuperMarket’s platform are authorised and regulated by the Financial Conduct Authority (FCA). Caura is also authorised and regulated by the FCA.
Caura is a free-to-download app, available on iOS and Android.
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