Car insurance premiums jump 10%
Published On 6 October 2007
Premiums for car insurance have risen significantly in recent months, a new study has suggested.Deloitte's Quarterly Motor Insurance Report indicates that third party motor insurance has gone up by ten per cent in the last 12 months.
What's more, comprehensive insurance policies have also increased in cost, with the average premium rising from £441 in August 2006 to £458 now.
"The key reason for the increase is insurers seeking to improve profitability," explained Catherine Barton, insurance partner at Deloitte.
"In spite of increasing premiums in the market generally, customers who shop around can still find a good deal. Those who don't shop around are likely to have seen bigger increases."
Debra Williams, managing director of Confused.com, said that she was not surprised by the findings and added that people "can expect to see further premium rises over the coming months".
She concluded: "There are still some very competitive deals to be found. It is for this reason that by doing your homework, looking beyond the marketing hype and shopping around, drivers can avoid large insurance hikes and keep premiums down to manageable levels."
