The average cost of car insurance has passed £700 as premiums continue to rise across the UK.
The latest Confused.com statistics show that premiums have increased by a massive 17% in the last twelve months, with the average cost now at all time high of £737.
Dan Bass, head of motor insurance at comparethemarket.com had claimed that it is clear that insurers were “Not feeling any pressure to reduce their prices”. He suggested that the increased premiums are down to insurers trying to increase the profitability of their business”.
Although the average cost of insurance continues to rise, the savings variable is also larger than ever. The savings variable is the difference between the average insurance premium and the cheapest. Many experts believe that the widening savings variable suggests consumers are able to find cheap car insurance but have stressed the necessity to shop around.
Simon McCulloch, Director of Insurance at comparethemarket.com said “By not shopping around, consumers are inadvertently sending a message to insurers that they are happy to pay more for their cover. Increasing competition in the market place is the only way to truly reduce prices and, for motor insurance, that means getting more people switching.”
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