Shop round for insurance, car buyers told

Wed, 20 Feb 2008

Anyone planning on buying a new car on finance should shop around for payment protection insurance, one expert has said.

Moneyfacts.co.uk spokesperson Andrew Hagger explained that as payment protection insurance did not have to be taken out with the loan provider, consumers could save money by looking elsewhere.

He cited providers such as Paymentcare or British Insurance can offer payment protection insurance "at a fraction of the cost" of loan companies.

Mr Hagger said that taking the wrong payment protection insurance could add up to £4,200 on to the cost of a person's loan .

He added that anyone buying a new vehicle should also shop around for their car insurance in order to make further savings .

At the beginning of February, Easier Motoring warned that anyone who has purchased a car on finance may need to take out additional car insurance to cover future payments in case of an accident .
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