Car insurance premiums are still rising but there are signs that price rises are slowing.
Car insurance prices have risen almost 40% in the last 12 months, with the average premium now at £650.
The latest edition of the Confused.com/EMB Car Insurance Price Index (CIPI) has though found sign that the rises are finally starting to run out of steam.
As Darren Black, head of motoring at Confused.com says “Once again young drivers have borne the brunt of increasing premiums, suffering across the board with rises in their age group and in the type of insurance they choose.”
He added that “Insurance providers worrying about parents potentially fronting for their children in the face of the massive price hikes have also pushed prices up for those who choose to add someone other than their spouse to their policy.
46-50 year old men and women with an insured plus one policy have received increases of 65.6% and 60.3% respectively over the last 12 months.”
Costs are also being driven up by the effect of fraud, both from large scale organised fraud and from individuals simply seeking to claim increased compensation for personal injury.
According to the The National Fraud authority, dishonest insurance claims cost around £2 billion a year and Cash-for-crash hotspots have been named in Birmingham, Liverpool, Blackburn, Manchester and Leeds.
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