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  Rising Premiums

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272180 shareAcar users at 00:01 on Wednesday 1st Jun 2011

Share your journey with someone and half your fuel costs.

Rising Premiums

A report from a leading car insurance company has found that premiums are rising at a faster rate than at any time since the start of the decade.

There are many driving forces behind the rise. Firstly, a rise in the number of fraudulent claims on the back of the recession has seen the industry look to protect itself and cover its costs by a general rise in the cost of premiums. Similarly, large numbers of completely uninsured drivers has a similar inflationary affect on the market.

Furthermore, in an ever more litigious society, personal injury claims are becoming greater, and this is pushing up the cost of the average claim. As claims become more expensive, so too do the premiums.

The average annual comprehensive car insurance policy rose by 3.5% between April and June compared to the previous three months meaning that the average cost of a policy was £778. This means that the year-on-year increase up to June was 11.3%. Itís important to consider, however, that this figure is greatly distorted by a proportion of very low insurance premiums for drivers who have been found to be very safe over a prolonged period.

A similar effect has been felt in the third party, fire and theft category of car insurance most frequently used by young and inexperienced drivers. The cost of a third party policy grew by 4.6% in the same period compared to the previous three months, meaning that the average cost of a policy is £968 a year.

Experts are suggesting that the increase in prices is not a temporary thing. The pressures that are causing prices to rise look set to continue for the foreseeable future and so, therefore, will the rise in premiums.

One thing that you can do to reduce your premiums is take steps to reduce the number of miles that you drive, car share schemes are an excellent idea, and will save you money as well as reducing congestion.

Getting a good deal on car insurance is still quite possible, despite the rise in prices. If you shop around and do your research you can still find some really good deals. Aside from cheap premiums you should be prepared to look out for special offers that might save you some money down the line, Kwik Fit Insurance offer a 10% discount* from Kwik Fit centres which could come in very handy.

*For further details of this Kwik Fit promotion visit their car insurance website.


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