Automobile insurance prices at two-year high

Auto insurance coverage costs have hit a 2-year higher, according to MoneySuperMarket data.

Average premiums are now at their highest levels given that December 2012, following 3 months of steep increases.

It makes average prices 10% a lot more high-priced than they had been this time final year and £25 a lot more costly than in October.

Even though the graph beneath shows a steady decline overall given that March 2011, the value inflation in the final 3 months could signal larger prices next year.

Kevin Pratt, our insurance expert, stated: “Motorists have benefited from competitive pricing in the insurance coverage industry lately, but it appears like low costs are a thing of the past, as motoring cover has been steadily creeping up since August this year.

“Premiums in November averaged out at £456, the highest we’ve noticed given that December 2012 when premiums have been at £465. Premiums are 10% higher compared to this time final year, and are increasing quickly – November saw an uplift of £25 from October.

“Although typical premium prices are not at the record levels we saw in the 1st quarter of 2011, it is worrying that we have observed car insurance coverage premium inflation running at a larger level that we saw then. Even so, according to our data, premium prices do rise towards the finish of the year but if this inflation continues, we could see average premiums break the £500 mark in 2015.”

As vehicle insurance coverage costs continue to rise, it’s far more essential than ever to shop around for your cover, and ensure you’re receiving the ideal policy for your funds.

Many drivers are becoming stung on renewal charges, which are usually a lot more expensive than options on the marketplace, so it genuinely does spend to shop about for cover to find the very best value cover for you. The average saving produced by drivers making use of MoneySuperMarket is £237.

Automobile insurance prices at two-year high