Although motorists have been benefiting from a reduction in fuel prices in recent months it is disappointing that motor insurance premiums have been on the increase in 2015. This is borne out by data produced by the Association of British Insurers (ABI).
The ABI average comprehensive car insurance premium tracker has revealed that, on average, a motorist would have paid £430 for fully comprehensive car insurance in the final quarter of last year. This was an increase of 7% when compared with Q3 in 2015 which we are sure you will agree is a large rise.
Furthermore, the cost of providing such cover increased by 8% for the 12 months up to 31st December 2015. This is a significant increase that many motorists have had to bear and is something that the drivers of cars on the UK could have done without.
Of course, on the 1st November 2015, the increased rate for insurance premium tax came into effect when tax on car insurance premiums rose from 6% to 9.5%. This increase is included in the final quarter’s rise but, even when you exclude it, a significant rise was seen by many car drivers.
So, what can motorists do to try to mitigate such a rise in their car insurance premiums assuming that they require the same level of cover?
Well, it isn’t that difficult to shop around to see if you can get the same level of cover from another provider when you receive your car insurance renewal documents from your existing insurer. There are a number of ways of doing this. For instance, you could pop into a local high street insurance broker and get them to obtain a number of quotes from a variety of insurance companies. You could go on the Internet and identify a number of insurance companies and get in touch with each of them to obtain individual quotes and product particulars to compare.
A potentially quicker way than the later option is to obtain quotes from one or more insurers through one or more price comparison websites on the Internet that you can access 24/7 from the comfort of your home. It is often even possible to apply online and arrange to pay for the cover should you decide upon a particular car insurance provider.