Car insurance premiums will rise next year, predicts expert
www.moneynews.co.uk > Car insurance premiums will rise next year, predicts expert
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Money News |
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Car insurance premiums will rise next year, predicts expert
Tue 23rd Dec 2008
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Andy Leadbetter, managing director of insurance at moneysupermarket.com, said that many people are likely to cut down on their insurance payments in order to save money during the credit crunch.
He predicted this will have a knock-on effect on insurance premiums.
According to Mr Leadbetter, "insurers are likely to push premiums up during the course of the year, to offset lower investment returns".
He added: "However, with consumers shunning new cars and holding onto their existing vehicle for longer many consumers will be insulated from premium rises as the value of their vehicle falls."
Recently, Norwich Union released a study which suggested that the number of car insurance claims would rise in January next year, which could put further pressure on the insurance companies having to pay out.
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