Motorists warned of costlier cover as the most recent Confused.com vehicle insurance price index shows the initial quarter-on-quarter value rises since June 2011.
Motorists are being warned of an end to falling auto insurance coverage prices as the newest figures suggest the cost of cover is set to rise.
These new statistics are taken from the quarterly Confused.com vehicle insurance coverage value index.
The index analysed far more than 4 million quotes from the third quarter (Q3) of 2014 – July to September – to reflect what prices drivers have been paying for cover.
The typical cost of extensive vehicle insurance coverage now stands at £582, up from £579 in the second quarter (Q2) of 2014 – April to June this year.
Costlier cover
Even though on the face of it this is a modest increase – just .4% or £3 on the standard policy – it is the initial time that quarterly automobile insurance premiums have elevated because June 2011.
Nevertheless, although rates have crept up this quarter, general comprehensive automobile insurance coverage premiums are nonetheless down year-on-year.
This time final year the typical expense of extensive cover stood at £652, compared with £582 at present – a 8.7% drop and a £70 saving for motorists.
But given the rise shown by the most current 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, said: “The decreases in vehicle insurance coverage costs that we’;ve been experiencing for the last 3 years have been welcome news for motorists.
“However, over recent months the heat has surely come out of these price reductions.
“Our most current figures suggest that these price tag drops are now levelling out, with premiums truly rising more than the last quarter to now stand at £582.
“Although this is just a marginal quarterly increase of £3, this is the 1st time premiums have increased given that June 2011.”
Auto insurance rates ‘a mixed bag’;
Sanders added: “All round, it is been a mixed bag over the last quarter, with cost movements affecting consumers in various approaches.
“These movements are probably to fuel further speculation that the insurance coverage pricing cycle may possibly turn in the close to future.
“With rates shifting around either way, as they have been over the final quarter, we’;re urging consumers to shop around and evaluate prices to make certain they get the best deal.”
Most significant price tag rise for 66-year-olds
With the expense of car insurance coverage falling regularly over the final 3 years, motorists across the board have benefited from lower premiums.
Even so, predictions that ongoing price decreases have been unsustainable seem to be appropriate, with motorists in some regions and age groups hit tougher than other individuals.
For example, motorists in the south of England have noticed their insurance premiums enhance by 2.6% or £12 compared with last quarter.
This is the highest boost of any region in the UK.
Meanwhile, motorists aged 66 have experienced the greatest price enhance of any age group, seeing their premiums rise by 6.1% – £19 – quarter-on-quarter.
Best 10 quarterly price increases by age
Age | Quarterly % improve from Q2 2014 to Q3 2014 | Quarterly £ improve 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 suggestions for more affordable automobile insurance
1. Your selection of vehicle
Your car’;s worth, variety and engine size all make a difference to your insurance coverage premium. The general rule is the smaller sized the car, the reduce the premium. If you haven’;t bought a vehicle but, verify insurance quotes for the vehicles you are taking into consideration. Confused.com’;s QuickQuote app can assist.
2. Boost your voluntary excess
The excess is the very first component of a claim that is paid by you. Increasing the amount you’;ll spend in voluntary excess can reduced your premiums.
3. Check your mileage
The number of miles you drive every single year can have a massive influence 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 final 2 years’; MOT certificates.
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Car insurance coverage costs rise for 1st time in 3 years
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