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March cheapest month for car insurance

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by David Masters

Car insurance, along with new and used cars, will be available at bargain prices over the next month, the AA has revealed.

The motor rescue and insurance company said February and March will be the ‘sale of the year’ for car insurance, and ‘the sale of the century’ for new and used cars.

March vehicle registration typically marks the annual peak in car sales, but the AA expects financial difficulties in the motor industry to result in heavy discounts on the forecourts this year.

AA President Edmund King recently said the coming month will see the motor industry’s “sale of the century.”

“There’s never been a better time to buy a car” King said.

Simon Douglas, director of AA Car Insurance, added that many motor insurance providers put price increases on hold at this time of year.

“There’s more new business and renewals during the first quarter than at any other time of year, so insurers tend to discount premiums in order to gain market share,” Douglas explained.

However, he warned that premiums will continue to rise following the March dip.

“With insurers coming under pressure from rapidly rising costs and falling reserves, there could well be increases in excess of 10% this year,” Douglas said.

Last year premiums increased 8.7% despite there being little price movement during the first quarter.

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News posted: February 27, 2009

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