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Car insurance premiums up by a quarter

21 May 2010 15:49:13

Car insurance premiums have risen by 26.1%. image
Car insurance premiums have risen by 26.1%.
There has been a 26.1% annual rise in car insurance premiums, according to new figures from the Office for National Statistics.

The latest report shows that the cost of car insurance increased by 6.3% in April alone and added about 0.1% to the annual rate of inflation.

A representative of the Association of British Insurers said that the main driver behind the trend was "spiralling" legal costs.

"Such costs add around 10% to premiums paid by all motorists. These costs must be reduced," the expert claimed.

"Government figures have shown that, for personal injury claims under £10,000, for every £1 paid in compensation, a further 76p is paid in legal costs. And the smaller the claim, the more disproportionate these costs are."

The AA recently revealed that comprehensive car insurance premiums for 17 to 22-year-old females rose by 7% during the first three months of 2010.

This news, along with the overall annual rise in premiums, highlights the importance of comparing car insurance quotes to find the cheapest offers.ADNFCR-2196-ID-19792689-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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