It’s official, the figures are out and they have revealed what we all suspected: 2010 was the worst year for car insurance price increases.
On average the figures showed that premiums rose by 38% which translates into an extra £200 being added to the cost of cover. However the situation was even worse for those with Third Party, Fire and Theft policies as these saw an increase of 56% on average.
While the age bracket 17-21 are typically worst hit by price hikes in car insurance, it appears that this was not the case during the last 12 months as the group which reported the biggest rise in car insurance rates was those aged between 51-55 years.
However it’s been suggested that parents adding their children on their car insurance policy were responsible for the majority of these increases, possibility as a knock on effect of the high rates of cover for drivers in the younger age bracket.
The rise in the cost of car insurance during 2010 was triple the increase reported during the previous year. The average cost of annual car insurance across the board of age brackets now stands at £695, which is up £200 on the average cost of car insurance in 2009.
Car insurance price comparison sites are now becoming increasingly popular as motorists are more inclined to shop around for cheaper deals on cover as they attempt to beat the rise in premiums.