Figures released by the AA yesterday suggested a major upsurge in the cost of car insurancein the past year, with a record 40% increase in the 12 months to March. The stats, part of AA’s insurance premium index, claimed that the average cost of a comprehensive car insurance policy has now risen to £892.02
The steep rise has been blamed on a number of factors including insurance fraud and personal injury claims. In particular the compensation culture of ‘no win, no fee’ compensation claims has been under fire, with insurance providers insisting this is a prime reason for record price rises.
"The record rises in fuel costs coupled with spiralling car insurance premiums is disappointing news and is making driving unaffordable for many, especially cash-strapped young drivers,” commented AA Director of Insurance Martin Douglas.
"This is leading to more people withholding information when taking out a policy or exaggerating personal injury claims to try to reduce their costs. But this simply piles on costs for insurers and results in yet higher premiums for honest motorists."
Along with the figures from the AA, research from confused.com and Towers Watson revealed a 35% increase in premiums, with their average cost calculated as £835, with average third party, fire and theft policies at £1,121.
Customers are urged to shop around and compare insurance providers to discover the most appropriate quote for them.
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