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Cost of Car Insurance Rising

Cost of Car Insurance Rising Image

While drivers may be able to find good deals on auto extended warranty plans, the news is rather less spectacular when it comes to being able to obtain cheap car insurance. In fact, car insurance premiums have jumped by as much as 12.3% on average just over the course of the last twelve months. The average price of car insurance now stands at around £843, with the price in some areas of the United Kingdom having shot up by over a quarter, according to Confused.com.

The area that suffered the biggest annual increases was Northern England, where Oldham has experienced a rise in comprehensive cover of as much as 27.9%. Bradford shot up 27.5%, while Liverpool and Manchester both suffered premium increases of more than 26%, which is actually five times the rate of current inflation.

"The year-on-year picture is quite worrying as some drivers are being hit with more than 25% increases," admits the head of car insurance with Confused.com, Gareth Kloet. "Car owners in the affected areas are going to have to be as savvy as ever to find the cheapest and best deals for them by shopping around."

A spokeswoman for the Association of British Insurers claims that the industry is well aware of the problem of spiralling insurance premiums and the affect they have on the average driver, noting that the organisation is doing its best to do "everything possible to reduce costs".

published: 14/10/2011 11:00:01

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