The Quarterly Average Private Comprehensive Motor Insurance Premium Tracker produced by the Association of British Insurers (ABI) covering the first quarter of 2016 has revealed that the cost of such cover has risen by an average of 10% when compared with the first quarter of 2015. The average premium for this sort of cover stood at £429 during the first quarter of 2016 with this being £2 more than that of quarter four of last year.
Unfortunately, on average, car insurance premiums have been increasing in recent months.
This percentage increase seems to support the information contained in last week’s post when we made reference to the Confused.com car insurance price index that is produced with Willis Towers Watson that revealed a rise of 14% when comparing average fully comprehensive car insurance premiums between the first quarters of 2016 and 2015.
Whilst you cannot do anything about the increases in the Insurance Premium Tax (IPT) that we have seen and the rise that we are going to see, there is still nothing to stop you shopping around to see if you can get the same adequate level of car insurance cover but for a lower premium than you are presently doing. So, if your policy is shortly due to be renewed or perhaps you are looking for new cover then one option is to consider using the likes of a price comparison website and get some competitive quotes.
With so many car insurance providers there is no doubt a considerable amount of competition between insurance companies for your business. If you have been able to find a cheaper quote for the same level of cover from a new insurance company you may wish to consider going back to your existing insurer and ask them if they are prepared to match or even better the lower quote that a competitor is prepared to insure your car for as, at worst, they could merely say “no” but, who knows, they may say “yes”.
