Good Car Insurance News for Motorists in November
The price of car insurance has remained relatively stable this month, according to Tiger, one of the leading motor insurance websites. The independent site analyses several hundred car insurance quotes every month across a large range of driver profiles so that it can update its own price monitoring service, Tiger Watch. The price monitor is the earliest available accurate indicator of any movements in policies regarding pricing, both for drivers and for the insurance industry, in the United Kingdom.
The data compiled so far this month indicates that overall prices have increased by 2.8% in comparison with this time last year, which is a rate of inflation lower than the RPI. The figures also come after a year-on-year drop in pricing of 1.9% in October. While the prices of auto warranties have remained relatively static, motorists have been hit by double-digit inflation in regards to the cost of car insurance over the course of the last 18 months, so the news will come as welcome relief to the majority.
"While it's good to see the recent fall in policy rates, this does follow a sustained period of very high inflation in car insurance prices," a spokesperson for Tiger cautioned, saying that the company "estimates that average prices across the whole of 2011 will still be about 16.4% higher than average 2010 prices - three times the latest RPI estimate. Given this, we recommend that all drivers shop around when renewing insurance."
Author - Michael Barclay
published: 17/11/2011 14:00:00