Car insurance premiums continue to rise at an alarming rate, in fact they rose 44p every day last year according to moneysupermarket.com.
With the premiums rising, every day a motorist delays renewing their car insurance is costing more – for example waiting 30 days from when the renewal notice is received to buy cover means there would have been anaverage increase in the premium of over £13.
And there is no let up in these increases.
With factors such as increases in personal injury claims, fraud and the continued problem of uninsured drivers pushing up premium prices, cash-strapped motorists are struggling to find the money they need.
This is in addition to escalating petrol prices which are stopping some drivers getting behind the wheel at all.
A premium costing £500 in January 2010 would now be around £655, a £155 increase.
Peter Harrison, car insurance expert at moneysupermarket.com comments “Drivers really need to act as quickly as possible when they know their car insurance is about to expire.”
And adds “The best advice is to shop around and compare policies to ensure that you get good value for money and the policy you need at the best possible price. It really does pay to be proactive and not wait for your renewal notification.
Renewing with your existing provider may not be the best option. Shopping around for the best deal on car insurance can save on average £280 through moneysupermarket.com.”