ABI: Car insurance premiums 'going up'
www.moneynews.co.uk > Insurance > ABI: Car insurance premiums 'going up'
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ABI: Car insurance premiums 'going up'
Wed 27th Aug 2008
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According to Malcolm Tarling, a spokesperson for the group, car insurance premiums are based on claims - and as personal injury awards have risen "significantly" in recent years, premiums must also follow suit.
Uninsured drivers are a "major issue" affecting the cost of claims, he added, explaining that law-abiding motorists pay around five per cent extra to cover the impact of uninsured drivers, which cost up to £500 million per year.
Figures released by Sainsbury's Bank indicate that the average cost of a car insurance premium has gone up by 5.8 per cent between July 2007 and June 2008.
However, Mr Tarling assured consumers that the market is still "very competitive" and asserted that there are a number of deals still to be had.
"There remains plenty of companies out there [which are] willing to provide competitive insurance," he said.
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