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Motor insurance premiums on the increase

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by Kay Mitchell

According to the latest Car Insurance Index by Sainsbury’s Bank, car insurance premiums have risen by 5.24% in the last 12 months.

Currently, the average motor insurance premium is £497.26, compared with £474.52 twelve months ago.

Drivers aged between 40 and 50 experienced the largest increase with an average of 7% while motorists aged 65 and over had the lowest rise in premiums at 4.14%. Furthermore, under-25s pay the most car insurance, with an average premium for that age group costing around £1,256.

In addition, men pay on average £71.97 more for their car insurance than women.

Joanne Mallon of Sainsbury’s recommends that consumers shop around for the best deal on cover. Research shows that 20% only obtain one quote when they buy car insurance.

Ms Mallon added when comparing policies do so with a like for like approach, it is worth considering why the cheapest policy is so cheap, you may find you’re not just compromising on service but cover too.

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News posted: February 26, 2008

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