|
Upward trend in car insurance payments continues
20 October 2008 15:14
The amount British motorists are paying for insurance is rising, new research has revealed.
Statistics from the AA's British insurance premium index revealed that the average UK premium had risen by 3.1 per cent, or £22, over the past three months.
Year-on-year, quoted premiums have rocketed by about £50, to a new average of £725 per policy.
Simon Douglas, director of AA insurance, said that despite these rises the car insurance industry continued to make a loss, with £105 in claims paid out for every £100 received in premiums.
He added that for a young male driver, the average accident insurance claim was nearly £4,500, compared to £2,700 for their female counterparts.
Money spent on third party, fire and theft cover showed a slight decrease and young drivers can now expect to just under £880.
In other news, the Competition Commission last week called for further views on the findings of its ongoing investigation into the payment protection insurance industry.
|
