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Report: Some insurance premiums down slightly in quarter

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by Elaine Frei
Report: Some insurance premiums down slightly in quarter

According to AA, average car insurance premiums dropped a bit in the first quarter of the year, falling from an all-time peak last year. The latest edition of the British motoring association’s British Insurance Premium Index reports that the average premium quote for an annual comprehensive car policy dropped by £4 to £802 by the end of the quarter.

Declines were also reported in the average premium for third party, fire and theft insurance (TPFT) policies. Premiums for those policies have declined by about the same amount to an average of £993. There were slight gains over the quarter in the average premiums paid for buildings and contents policies, however, by just above 1 percent in the quarter for buildings insurance premiums and by just less than 1 percent for contents policies.

This does not mean that insurance premiums will not rise later in the year, however, according to Kevin Sinclair, the managing director of AA Insurance. He reminds that premiums rose by an average of around 6 percent last year and can be expected to rise later despite the first-quarter declines. He says that some of the apparent decline could also be caused by the trend of many insurers to offer big discounts to new policy holders and that premiums will rise after the introductory period ends.

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News posted: April 11, 2007

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