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AA: Car insurance costs spiralling

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by Kay Mitchell

According to the AA’s quarterly British Insurance Premium Index, car insurance premiums are increasing again despite a brief respite.

The index established that in the three months to the end of June, over £20 has been added to the average premium quote for comprehensive insurance. The average cost of this type of insurance is now £700.

The hardest hit are young motorists who, on average, buy third party, fire and theft insurance. This group of people are the most likely to claim and since the last Index in March, over £45 has been added on to the average premium which takes the average quote to £884.

According to Simon Douglas of AA Insurance, car insurance costs are spiralling and he expects the increase to continue.

Furthermore, a year on from last summer’s floods, the index also discovered a modest £1 (0.5%) rise in the average quoted premium for buildings insurance, over the 3 months to the end of June.

The index has been tracking industry-wide car and home insurance premiums since 1994.

Price comparison website, gocompare.com, is recommending that consumers shop around for the best insurance deal.

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News posted: July 16, 2008

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