Motorists warned of costlier cover as the most recent Confused.com car insurance cost index shows the initial quarter-on-quarter cost rises considering that June 2011.
Motorists are getting warned of an finish to falling automobile insurance prices as the latest figures recommend the cost of cover is set to rise.
These new statistics are taken from the quarterly Confused.com car insurance coverage price tag index.
The index analysed more than 4 million quotes from the third quarter (Q3) of 2014 – July to September – to reflect what rates drivers have been paying for cover.
The typical cost of extensive car insurance now stands at £582, up from £579 in the second quarter (Q2) of 2014 – April to June this year.
Costlier cover
Whilst on the face of it this is a modest boost – just .4% or £3 on the standard policy – it is the 1st time that quarterly auto insurance coverage premiums have enhanced since June 2011.
Nonetheless, while costs have crept up this quarter, all round extensive vehicle insurance premiums are nevertheless down year-on-year.
This time last year the typical expense of extensive cover stood at £652, compared with £582 currently – a 10.7% drop and a £70 saving for motorists.
But provided the rise shown by the most recent figures, car insurance coverage professionals are warning motorists to prepare for pricier premiums in future.
‘Prepare for pricier premiums’;
Steve Sanders, finance director at Confused.com, mentioned: “The decreases in car insurance prices that we’;ve been experiencing for the final 3 years have been welcome news for motorists.
“Nevertheless, over recent months the heat has surely come out of these price reductions.
“Our latest figures suggest that these price drops are now levelling out, with premiums really rising more than the last quarter to now stand at £582.
“Though this is just a marginal quarterly increase of £3, this is the 1st time premiums have improved since June 2011.”
Car insurance costs ‘a mixed bag’;
Sanders added: “General, it is been a mixed bag more than the final quarter, with cost movements affecting consumers in various approaches.
“These movements are likely to fuel further speculation that the insurance pricing cycle could turn in the near future.
“With rates shifting around either way, as they have been over the final quarter, we’;re urging customers to shop about and examine costs to make sure they get the very best deal.”
Greatest value rise for 66-year-olds
With the cost of car insurance coverage falling regularly over the last 3 years, motorists across the board have benefited from reduced premiums.
Even so, predictions that ongoing value decreases had been unsustainable appear to be right, with motorists in some regions and age groups hit harder than other folks.
For instance, motorists in the south of England have noticed their insurance premiums enhance by 2.6% or £12 compared with final quarter.
This is the highest increase of any area in the UK.
Meanwhile, motorists aged 66 have seasoned the greatest price tag improve of any age group, seeing their premiums rise by 6.1% – £19 – quarter-on-quarter.
Top 10 quarterly cost increases by age
Age | Quarterly % improve from Q2 2014 to Q3 2014 | Quarterly £ boost from Q2 2014 to Q3 2014 | Q3 2014 cost |
|---|---|---|---|
66 | 6.1% | £19 | £324 |
19 | 3.7% | £56 | £1,571 |
20 | 3.% | £41 | £1,412 |
69 | 2.9% | £9 | £331 |
32 | 2.8% | £15 | £558 |
70 | 2.6% | £8 | £333 |
58 | 2.4% | £9 | £391 |
34 | 2.2% | £11 | £498 |
33 | 1.9% | £10 | £525 |
71+ | 1.9% | £6 | £348 |
3 prime guidelines for more affordable car insurance coverage
1. Your choice of auto
Your car’;s value, type and engine size all make a distinction to your insurance premium. The common rule is the smaller the automobile, the reduced the premium. If you have not bought a vehicle yet, check insurance coverage quotes for the cars you happen to be contemplating. Confused.com’;s QuickQuote app can aid.
2. Increase your voluntary excess
The excess is the very first portion of a claim that is paid by you. Escalating the quantity you will pay in voluntary excess can lower your premiums.
3. Check your mileage
The number of miles you drive each year can have a large effect on your premiums. If you are unsure of the number of miles you drive every single year, you can get an estimate by comparing the mileage on your last 2 years’; MOT certificates.
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Car insurance costs rise for very first time in 3 years
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