Aussies 'struggling to pay for car insurance'

Many people in Australia are finding it difficult to raise the funds to pay for their car insurance policies, according to recent research.

According to a study by the National Australia Bank and the Centre for Social Impact, those who are struggling financially are more likely to try to save cash by avoiding getting cover, reports the Herald Sun.

Only 59.2 per cent of those with serious money troubles bothered to cover their vehicles, the research revealed.

Unlike in other countries, such as the UK, taking out a policy for automobiles is not a legal requirement.

However, those who do not compare car insurance quotes and get suitable cover may find they face significant costs if something unforeseen happens to their vehicle or if they damage one belonging to another person.

Now may be a good time to get a policy as drivers could find they have slightly more money to spare in light of Commonwealth Securities economist Savanth Sebastian's recent assertion that fuel prices are likely to decline in the near future.

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