You are here: Home - Insurance - News -

Car insurance premiums up eight per cent year-on-year

0
Written by:
15/06/2015
Car insurance premiums rose by eight per cent year-on-year in May, according to analysis of 1.9 million quotes by MoneySuperMarket.

The average annual premium is now £443, up from £411 in May 2014. Car insurance premiums had been dropping year-on-year since 2011, falling by over a quarter (26 per cent) between May 2011 and May 2014.

However, 2015’s figures buck the trend, showing an eight per cent increase since May 2014 – adding £32 to a typical policy.

Kevin Pratt, insurance expert at MoneySuperMarket, said: “Insurance premiums have been on a welcome downward spiral, but it looks like the end of a happy ride for British motorists.

“One reason for premiums creeping up is the continued high level of compensation claims for whiplash and other injuries sustained in car accidents. The Government is keen to tackle the problem of fraudulent claims and has recently introduced a series of measures in an attempt to curb our compensation culture; however the number – and value of – claims has not fallen as far as the industry expected, and insurers are filling this gap by hiking premiums.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week