Vehicle insurance coverage costs at two-year high

Vehicle insurance costs have hit a 2-year higher, according to MoneySuperMarket information.

Typical premiums are now at their highest levels because December 2012, following 3 months of steep increases.

It tends to make typical costs 10% far more pricey than they have been this time last year and £25 far more pricey than in October.

Even though the graph beneath shows a steady decline overall since March 2011, the price tag inflation in the last 3 months could signal greater prices next year.

Kevin Pratt, our insurance professional, said: “Motorists have benefited from competitive pricing in the insurance coverage market place lately, but it looks like low fees are a thing of the past, as motoring cover has been steadily creeping up because August this year.

“Premiums in November averaged out at £456, the highest we’ve noticed since December 2012 when premiums had been at £465. Premiums are 10% greater compared to this time last year, and are increasing rapidly – November saw an uplift of £25 from October.

“Although typical premium rates aren’t at the record levels we saw in the initial quarter of 2011, it is worrying that we have observed automobile insurance coverage premium inflation running at a greater level that we saw then. Nevertheless, according to our information, premium prices do rise towards the end of the year but if this inflation continues, we could see typical premiums break the £500 mark in 2015.”

As automobile insurance costs continue to rise, it is more crucial than ever to shop about for your cover, and guarantee you are receiving the ideal policy for your income.

Many drivers are getting stung on renewal charges, which are frequently much more costly than options on the industry, so it truly does pay to shop about for cover to find the ideal value cover for you. The average saving made by drivers using MoneySuperMarket is £237.

Vehicle insurance coverage costs at two-year high