Car insurance: Less than a quarter of scrappage scheme allowance left

Monday, 18 January 2010

More than three-quarters of the budget for the government's scrappage scheme has been used up, recent figures reveal.

Funding for less than 82,000 new vehicles is left for car insurance customers to take advantage of as the scheme it nears its end.

Since the initiative was first announced in April 2009, more than 318,628 new vehicle orders have been taken.

And with the Department for Business allocating order quotas to manufacturers as the scheme draws to an end, anyone looking to take part is advised to act quickly before their chosen marque runs out of allotted orders.

Business secretary Lord Mandelson said he was pleased that the scheme had been taken up by so many people, adding that it is "supporting our automotive manufacturers through a very difficult time".

He urged people who were still keen on taking advantage of the scrappage scheme to put their orders in as soon as possible to avoid missing out.

The Retail Motor Industry Federation (RMI) recently announced that the scrappage scheme had played a "vital role" in the stimulation of the motor retail sector.

Posted by Rick Malone

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