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Motor insurance premiums continue to soar

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by David Masters

Car insurance premiums increased 3.5% over the past three months, research by the AA has discovered.

The typical quote for annual comprehensive insurance cover now stands at £778.13, according to the AA British Insurance Premium Index.

This is 11% more than 12 months ago.

Home insurance premiums also increased in the second quarter, up 2.5% on quarter one, to an average of £223.92.

AA Insurance director Simon Douglas blamed the rising premiums on “underwriting losses” in the insurance industry.

He added that price comparison sites are misleading consumers into believing that premiums are holding steady.

“The fact remains that underlying premiums are rising more steeply than they have since 2000 because of rising costs”, Douglas said.

“Customers are being tempted by cheaper quotes that offer lower levels of cover with high excesses so it is really important that they talk to their insurer to make sure that the cover meets their needs before they buy.”

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News posted: July 31, 2009

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