September 13, 2009 19:00 ET

Van Drivers Stay Loyal to "Fully Comp" Insurance Despite Recession

MANCHESTER, UNITED KINGDOM--(Marketwire - Sept. 13, 2009) - Van drivers are remaining loyal to fully comprehensive van insurance, despite financial difficulties during the recession, according to research by Swinton.

A survey of 1,280 customers found that 74% still have fully comprehensive insurance, only 20% have downgraded to Third Party Fire and Theft, and just 5% have just Third Party.

Comprehensive policies can cost little more than Third Party, Fire and Theft cover and Swinton is warning motorists that downgrading their policy could be a false economy long-term.

Phil Moss, Commercial Vehicle Manager at Swinton, said: "There is a common misconception among motorists that choosing a policy which offers reduced cover will be significantly cheaper than a comprehensive policy. While reducing cover may offer a minimal saving short-term, it could cost drivers a lot more down the line if they are involved in an accident that is their fault.

"We would advise motorists to speak to their broker if they are considering downgrading their van insurance policy as it is vital they understand the changes to their cover when reducing their indemnity to Third Party, Fire and Theft."

About Swinton

- Swinton Commercial is the dedicated commercial insurance division of the Swinton Group

- Swinton Commercial was awarded Commercial Lines Broker of the Year 2008 and is a finalist at the British Insurer Awards 2009

- With 580 branches nationwide Swinton is the UK's largest high street insurance retailer

- Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community

- Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance

- With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

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