Compare car insurance rates to increase disposable income
Wed, 05 Oct 2005
Shopping around for the best car insurance deal could mean an increase in disposable income for many motorists.
Research by the Investment Management Association (IMA) shows that the 18 - 29 year old age group are keen to maximise the amount of money in their pockets and one way could be to make substantial savings on annual policy renewals.
Traditionally younger drivers are subject to high-cost insurance cover because they are assessed to pose a greater risk for insurers. However, the growing number of specialist providers means that inexperienced drivers could save money.
The IMA found that many do not send aside money for savings, preferring to make the most of out of their disposable cash, including spending an average of £92 per month on cigarettes and £57 per month on alcohol as well as a further £27 per month on their mobile.
"We're not saying that young people have to stop spending — we're simply encouraging them to think about what they spend," said Mona Patel, head of consumer affairs at the IMA. 
© Adfero Ltd
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