Car insurance rises 3 times higher than inflation
Car owners have been hit by a rise on fuel prices for a few years, but it has now emerged that the cost of car insurance has risen dramatically as well.
15% increase in car insurance premiumsThe average comprehensive premium has gone up by £128.71 to £971.40 in the space of a year, the AA has claimed in a recent report. In a separate report the RAC says that it now costs an average of £1,556 per year more then it would have in 2007 to own and operate a car. Together this adds up to an increase well above the current inflation rate of 5.0% and presents the UK’s already hard pressed motorists with yet more challenges.
The rise in insurance premiums follows the trend that has been set by the cost of fuel, which is still the biggest running cost faced by motorists. The average driver will now be spending around an extra £160 on fuel a year, which represents a 12% rise in one year. Adding to the pain at the pumps is a similar rise on insurance costs as insurers pass on the higher costs of legal costs, accidents involving uninsured drivers, fraud and associated legal costs.
Women's car insurance likely to increaseIn the past it would be young and middle-aged male drivers, the most statistically likely to be involved in an accident, who would have been hit the hardest by these rises. However, this is set to change after recent changes in European laws which make it a crime for insurers to use gender as a basis for calculating premiums. This means that female drivers could begin to see the costs of womens car insurance begin to rise significantly.
Tips for keeping car insurance costs downThere are a number of ways in which you can try to reduce the costs of insuring your car. The simplest strategy is to make sure that you keep an eye on the market and shop around when your current policy comes up for renewal. It may also be the case that paying a lump sum instead of monthly instalments can get you a better deal. Moneysupermarket have conducted research which suggests that monthly payments could add up to 10.75% on to the cost of premiums.
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Confused.com Welcomes AXA Direct to its Panel With a ...
Cardiff, UK (PRWEB) March 16, 2010
AXA, one of the largest providers in Europe, has returned to the direct insurance market, having built an established reputation for quality products and services. It has designed a product with the UK’s safest drivers in mind and, as a result, is offering a ground breaking 90% no claims discount for those who have driven claim free for eight years or more.
The new addition to the panel strengthens Confused.com’s position as one of the most comprehensive comparison sites. The service is a one stop shop for motorist’s car insurance needs, which is quick and simple, and will result in savings.
John Cooper, Commercial Manager at Confused.com, said: “AXA is a big name in the insurance industry and we are proud to be able to offer its new product on our panel. Confused.com is committed to providing a first-class service and our latest addition further establishes us as one of the most competitive internet sites for comparing car insurance quotes within the UK.
“With the massive range of insurance providers we are working on building every day, there really is a policy to fit everyone. The introduction of AXA bolsters our offering for drivers who are claim free and value their no claims bonus. “
For further information please contact: Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
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