Is Car Insurance Increasing?
Latest research conducted by confused.com has shown that insurance costs have risen by 20% in the last 12 months. Comprehensive car insurance has now got an average cost of £657.
Have car insurance costs risen in 2023?
Between January and March of this year drivers have paid 20% more than last year, which is the fifth annual price rise in the last two years. Car insurance premiums have also increased for six straight quarters, following a price rise of 4% in the first three months of 2023, according to wtwco.
What is affecting this increase?
Car insurance prices dropped in each quarter of 2021, after the Covid-19 pandemic. Due to more people working from home and fewer commuters, resulting in drivers cutting their annual mileage by 40%. However, now time has passed and things are going back to normal there has been an increased rise in claims. Another area that has affected this increase is vehicle repair costs. Modern vehicles are equipped with advanced technologies, intricate components and expensive materials, increasing repair costs. Insurers need to cover the cost of repairing or replacing damaged vehicles, which is why insurance prices rise.
What steps can be made to increase the price of car insurance?
There is no set process put in place to reducing the price of your car insurance. However, drivers have been taking steps to help reduce their cost. These are:
- Shopping around to compare quotes from different insurance providers. Each insurance business has their own pricing models, which is why exploring the costs available can help you find the best coverage at the most affordable price.
- Always consider discounts that may be available with insurance companies. Driver safety, low mileage or discounts for installing safety features onto vehicles may be available with some insurance companies.
- Consider the price of the excess you are willing to pay. The higher you opt for, your insurance can decrease. However, make sure that the price you choose is comfortable for you to pay in case of any accidents.
How To Reduce Your Running Costs – https://autoserveclub.co.uk/blog/how-to-reduce-your-running-costs/
Why Having An Annual service Is Important – https://autoserveclub.co.uk/blog/why-having-an-annual-service-is-important/
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