Car insurance prices rising, figures show

Thu, 28 Jun 2007

May 2007 saw the cost of a comprehensive car insurance policy reach its highest point in two years, new statistics have shown.

The figures, released by credit reference agency Experian, are indicative of a market in which Britons are paying more for their car insurance, the company noted.

On average, the cost of a comprehensive car insurance policy rose by 7.9 per cent over the last year from £519 to £560, although the premiums to be found in the intermediate market are moving in the opposite direction, the agency's figures showed.

David Murby, managing director of Experian's Insurance Services division, commented: "The last 12 months have seen comprehensive motor insurance premiums in the direct market increase and overtake premiums in the intermediary market."

He added that the car insurance industry is currently in a state of flux, with consumer needs changing and various technological advances introduced.

Some car insurance providers offer cheaper deals for female motorists, such as Sheila's Wheels and Kwik Fit, while others offer pay-as-you-drive policies depending on car usage times and frequency.


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