Car insurance premiums surge to a two year high

15th December 2014


The typical car insurance premium price has rocketed over the past three months, beating the record increases seen in 2011 when the average cost hit a record high of £554, according to an analysis by MoneySuperMarket.

The comparison site’s research found that although the average car insurance premium price at the end of November was £456, the rise in prices has been dramatic, with a 15% hike since the end of August, equating to £60 on an average policy.

In comparison, the last time prices rose so quickly, between January and April 2011, there was only a 10% rise.

But according the firm’s research, premium prices do rise towards the end of the year however if this inflation continues, consumers could see average premiums break the £500 mark in 2015.

Kevin Pratt, insurance expert at MoneySuperMarket said: “Motorists have benefited from competitive pricing in the insurance market recently, but it looks like low costs are a thing of the past, as motoring cover has been steadily creeping up since August this year.

“Premiums in November averaged out at £456, the highest we’ve seen since December 2012 when premiums were at £465. Premiums are 10% higher compared to this time last year, and are increasing rapidly – November saw an uplift of £25 from October.”

Leave a Reply

Your email address will not be published. Required fields are marked *