What’s In Store in 2009 for Car Insurance Prices?
Pedal off that Turkey Dinner!
Unless you have been living in a closet for the last six months you will of course heard about the current economic crisis the United Kingdom is facing, along with many other countries across the globe.
Here at Compare Com we would like to ponder what this entails for the ‘compare car insurance‘ industry for the future. There is no denying that the need for car insurance remains. Unlike other non essential products and services forced to reduce prices to retain sales the car insurance market is an industry where an increase in rates may be felt by the consumer but there is little they can do about it.
In the coming year, if car insurers feel the pinch, they will more than likely look to regain some of that loss from the consumer with car insurance rates expected to rise more than last year (8 per cent) up to or more than 10 per cent. Of course this will not bode well with consumers or car insurance brokers like compare.co.uk selling insurance policies on their behalf but as most of us need car insurance there is little we can do to prevent this.
With young drivers already finding it increasingly difficult to get on the road, this of course is sure to thwart them even further. Mr. Insurance may be in for a big surprise though as it is epxected for new car sales to take a big hit with more and more motorists sticking with their current vehicle or purchasing used cars instead.
Motorbike and scooter sales have also increased as consumers look for alternative methods of transportation and also mountain bike sales are also expected to increase as joe public tries to beat the christmas bulge from too much christmas pudding and turkey dinners.
This could play either way with the car insurers, they have two options, either increase prices to regain the drop in sales from those that do purchase car insurance or to lower prices to tempt motorists to insure with them. Only time will tell which way it plays but one thing is for sure, when you compare car insurance – at least you know you will be getting the best deal available at that time.
Tags: car, compare, compare.co.uk, insurance
