Car insurance: Car registrations fall in October

Thursday, 06 November 2008

The credit crunch appears to be biting the car industry, with registrations falling last month.

According to figures from SMMT, new car registrations dropped by 23 per cent last month ? with a lack of consumer confidence blamed for the fall.

The year-to-date volume is also down, by a total of 8.8 per cent.

Paul Everitt, SMMT chief executive, described October as "another difficult month" for the motor industry in the UK.

"Action is needed to help restore consumer confidence and encourage buyers back to the showrooms," he said, adding a cut in interest rates which could be quickly passed on to customers would be recommended.

Mr Everitt went on to say planned increases in vehicle excise duty should be scrapped and public expenditure on new cars is also required by the industry.

Sue Robinson, director of the RMI National Franchised Dealers, Association today agreed the government needs to take action, car insurance customers may be interested to know.

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