According to the most recent AA British Insurance Premium Index, we could see car insurance premiums rise by as much as 10% here in the UK by the end of this year. In the last quarter of 2014, the index reveals that the premium for a fully comprehensive car insurance policy rose by an average of 0.2% to £540.
This increase is on top of the one seen in the third quarter of 2014 when premiums rose by 1.2%. However, let’s not forget that premiums are still much lower than they were 12 months ago.
It is felt that, going forward, premium levels could not be sustained with things like personal injury claims impacting on the cost of such insurance. So, what can you do to try to contain this possible rise in premiums?
Well, too many people pay very little attention to the renewal notice that arrives through their letterbox each year no doubt telling the majority that their car insurance premium is rising by £x per month. It is a competitive marketplace and it could prove beneficial if you were to start shopping around to see if you can get a better deal elsewhere.
One way of doing this is to get on the Internet and start looking at what other insurers are charging for the same level of cover. You could do this by contacting a number of insurance companies individually, use a broker or go on one of the many price comparison websites. The first option could take you quite some time to make enquiries of half a dozen insurance companies whereas the later two options may provide you with access to numerous insurers just by making the one enquiry. Do bear in mind that not all car insurance providers use a price comparison website.
Shopping around may result in you finding the cover that you require for a lower premium and it should only involve taking up a few minutes of your time to find out.