If you already have car insurance it is quite possible that over the last 12 months or so your premiums have increased. Obviously, motorists would rather not have to be faced with having to find additional funds to keep their vehicles on the road.
Well, according to some research carried out by comparethemarket.com that is a well known price comparison website, you will not like to hear that it is being predicted that the average cost of car insurance is likely to get to a level of £800 per annum next month.
Back in June 2015 the average car insurance premium was £600 but in the space of 12 months to June 2016 the cost of such cover was £701. Here we are a year later forecasting that the cost of such cover is possibly going to reach a figure of £800 per annum. This is an increase of just short of £100 per annum that equates to an increase of 14.12% in the space of 12 months. We are sure that you will agree this is a considerable increase that is something motorists could have done without.
There are no doubt a number of factors that have caused this potential rise in premiums such as a further increase in Insurance Premium Tax (IPT) from June 2017 and the change in the Ogden Discount Rate that is used to calculate how much an insurer needs to set aside when agreeing a compensation payout to someone that has been seriously injured in a road traffic accident.
There are numerous insurance companies providing car insurance here in the UK so it is important that consumers shop around to try to get a competitive quote to insure their vehicles but, at the same time, making sure that the cover fully meets their requirements. There are many ways to obtain such quotes such as going direct to one or more insurance companies, using an insurance broker, approaching a bank, building society or post office or going on the Internet and using a price comparison website.