AA report car insurance premiums rise

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AA report car insurance premiums rise

For the second quarter running, car insurance premiums have risen, The AA British Insurance Premium index has discovered.

An average rise of 1.24 per cent was reported for annual comprehensive insurance premiums by the Index while third party, fire and theft insurance rose by 4.62 per cent.

An average quoted premium for annual comprehensive insurance therefore stands at £772.13 compared to an average figure of £998.21 for third party car insurance.

The managing director of AA Insurance, Kevin Sinclair, remarked: "The increase is long overdue. Premiums have been kept artificially low by the entry of new insurers seeking market share and the growth of internet sales, coupled with underlying poor results hitting insurers accounts."

Speaking of the relatively large increase in third party insurance premiums, a policy predominantly taken out by young drivers, Mr Sinclair commented: "One in eight drivers is aged 25 and under, yet account for a quarter of all road fatalities, a shocking statistic of great concern to the industry."

The AA British Insurance Premium Index also shows that the cost of buildings cover fell by 0.33 per cent and premiums for contents decreased by 2.61 per cent on average.

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