Motorists are finding it more difficult to maintain vehicles with the rising cost of fuel and insurance premiums. This article discusses the statistics and ways of reducing your insurance costs.
Car insurance premiums have risen by 40% in the last 12 months which is bad news for motorists. According to the AA British Insurance Premium Index the typical comprehensive car insurance premium is now approximately £892.
While this premium is quite high, young drivers aged 17-22 have taken a bigger hit. Premiums for this age group have increased more than 64% over the last 12 months. A typical premium is now £2,430. Premiums for Third Party, Fire & Theft have also increased by a huge amount – 82% over the last 12 months.
The fluctuation of premiums is recorded across the UK, by the index, for 2,800 car insurance customers. An increase in fraud and injury claims is cited as the reason behind the increase in premiums.
Car insurance premiums have been increasing for some time but industry experts say that insurers are still operating at a loss despite the large increase in premium rates.
Driving is becoming more and more unaffordable due to record amounts in costs of fuel and rising premium rates. Higher driver costs are leading to more people withholding information when taking out a policy or exaggerating personal injury claims to try and reduce their costs. But this simply piles on costs for insurers and results in yet higher premiums for honest motorists, this has been quotes by a lot of experienced people in the field.
0 comments:
Post a Comment