Why Motor Insurance Costs Continue to Rise
As per a new research in the insurance sector, the costs of automobile insurance premiums have risen by £177. The experts at EMB believe that the comprehensive insurance has risen to £650, a figure that has jumped from what used to be £473 in the final quarter of the year 2009. Furthermore, it is also seen that the insurance premiums for the male drivers of the age group 17-20 have seen the greatest increase, by rising to over 10.9%. This single leap resulted in increasing the cost of the comprehensive insurance from £284 to a shocking value of £2879. While the insurance costs for women did not continue to go on a decent pace as well, the increase was considerably lesser than that of the male group. For women, the insurance premium went up from £147 to that of £1490. Women have been paying less insurance premiums, owing to their safer driving nature and lesser incidents of accidents.
It is predicted that the comprehensive cover costs will continue to rise in the coming months. However, it is believed that the surmounting values of the premiums may soon run out on steam. It is seen that although the costs of insurance premium have risen, the rise was considerably lesser than that of the previous year. The younger drivers however have continued to suffer the brunt of the increase. Insurers have come across frequent incidents of fronting which has contributed to the further increase in the insurance costs. Furthermore, it is seen that the number of fake claims have continued to stay at the same levels, thus prompting the insurance sector to go ahead with the cost rise.
Compare car insurance is often the advice that the insurance experts have been asking the consumers to do. It seems that almost every event that happens in the insurance or the automobile sector has been able to launch a set of immediate reactions as far as the insurance costs are concerned.
Article written by the marketing division of Compare.Com.