36.4% of UK Motor Insurance Customers Pay Monthly Installments

AI Summary

A GlobalData survey revealed that 36.4% of motor insurance customers and 38.5% of home insurance customers in the UK opt for monthly payment plans. As consumer budgets tighten due to rising inflation, flexible payment options are vital for maintaining insurance affordability. Research by Premium Credit highlighted that 22% of respondents would sell their car without the ability to spread costs, indicating reliance on these instalments. Insurers are encouraged to balance affordability with profitability to prevent underinsurance across the market.