Car insurance premiums up 14%
The latest Confused.com/EMB Car Insurance Price Index shows the cost of car insurance rising by a further 4.3% in the first three months of the year.
The average quoted premium stood at £524 at the end of March, an increase of £66 or 14.3% over the past year, and £21 in the first quarter of 2010.
Twenty-one to thirty-five-year-olds have borne the brunt of the hike, with 21 to 30-year-old females facing an annual increase of 17.3%.
On a regional basis, the North West experienced the biggest average price rise in the three months to the end of March, at 6.2%; Wales also saw a substantial increase, at over 5%.
The figures are based on over 13 million quotes, and Confused.com’s product director, Simon Lamble, comments: “We expect that the price rises taking place across all age groups will cause even more consumers to seek good value alternatives when their policies come up for renewal.”
In related news, new research from Accenture suggests that the rapid pace of online adoption among UK insurance customers will not abate.
A survey by the management consultancy indicates that 63% of Britons have purchased motor insurance online; 45% home insurance; and 23% life assurance.
Over the next 12 months, 69% of respondents said they will be switching or purchasing new motor insurance online; 58% plan to buy home insurance online; and 40% life assurance.
Category: Car Insurance News, Insurance News
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