car insurance premium

Research from Consumer Intelligence found that van insurance premiums have been rising every year and have almost doubled that of the average annual premiums of car insurance, which is around £788 in 2016. On average van drivers need to pay over £1,591, which is almost twice the amount paid by the car drivers. As there is an 11.7% increase in van insurance premiums in October this year, van drivers may face disproportionate bills to pay. It is observed that those who are under 25 faced a 3.6% rise in their van insurance premiums in October and are also the ones who pay the highest overall price of around £4,770 a year. On the other hand, van drivers who are over 50 pay just £405 (up 10.7% year-on-year) and drivers between 25 and 49 years face a 14% price rise which means £742 as annual premium. With such exceeding prices, van […]

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In some cases, the car insurance premium paid by young drivers is several times above the value of the car. But what is the fundamental reason behind the high car insurance premium? Well, car insurance companies effectively base the quoted premium on a set of statistical assumptions and, statistically speaking, 1 in 5 drivers have an accident in the 1st year on the road and 26% of vehicle accidents involve at least one driver being between the age of 17 and 24. But its best not to get disheartened as there are ways in which you can bring that quote down. Cheap Insurance One of the first ways in which you can reduce your premium is by selecting the type of car insurance appropriately. Generally, there are three types of car insurance. Third party – This type of car insurance is the lowest level available and it’s the minimum required […]

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Everyone is aware that if they are caught speeding then this will be reflected in their record and therefore their premiums will go up. But in some instances, motorists have the option of taking a drive safety lesson instead, but it seems the premiums may still go up regardless. According to the AA and RAC, the supposed “switch-off” where by the government decided to stop funding cameras never actually happened, after the police and local authorities discovered that they were self funding the cameras themselves anyway. In the UK, there are still around 6,000 cameras on the road which are changed in terms of location so motorists don’t try and outsmart the rules. Mobile cameras are also deployed and some local authorities, such as Bristol City Council, have taken steps to switch cameras on in sites that were previously closed off. A spokesperson at Bristol council commented, “We don’t have […]

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Whilst it has been reiterated many a time, research by consumer intelligence has found that 50% of customers still prefer to remain with their current insurance provider but this could be costing them dearly. Comfort The survey seems to suggest that motorists are comfortable with their current provider and hence simply don’t want to shop around perhaps even believing that it takes a lot of time and that the level of service will decline. Ian Hughes, Director at Consumer Intelligence, said “Insurance consumers are inherently the same. They aren’t all eager to leave as soon as they can. Bottom line, insurance is not interesting to consumers only to insurers. Consumers would rather have a fair value relationship with the company that helps them during times of upheaval. Other than that, there are more important things for them to spend their time and energy on”. Premium increases As it currently stands, […]

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Esure, owner of Sheilas Wheels & Go Compare, feels that car insurance premiums are yet to stabilise and hence the firm cut its insurance premiums by 7.4% in last 3 months. Esure said that the number of policies they have underwritten is around the same but they had to reduce prices to remain competitive. Chief executive Stuart Vann commented, “We have seen signs of rate stabilisation in the UK market but it’s too early to say if this represents a turnaround in the motor rating cycle or is a consequence of rating seasonality. We have maintained disciple in our approach, while positioning the business for growth”. Overall premiums fell by 7.4 percent in the quarter to £149.6 million, car insurance fell by 8.8 percent and home insurance remained flat. Esure had a small increase of 2.5 percent in the number of insurance premiums taking the total to 1.954 million insured […]

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