For three years, we’ve been enjoying the fall in car insurance premiums. The average driver saved £91 last year alone. How much did you save? All good things must come to an end and insurance premiums are expected to be back on the rise.
Car insurance premiums are cyclical, which means that it’s only a matter of time until they’re back on the rise. But we don’t have as much time as we would like, according to the AA insurance prices are already going up. They believe the average driver in the UK will have to pay up to 10% more for their car insurance by the end of the year.
This is due to factors such as false injury claims, which have increased by 7.5% since March. Greater hire car and repair bills have also add to this. Another major factor that will affect your car insurance premium is the Competition and Markets Authority (CMA).
The CMA’s investigation into pricing arrangements between insurers and price comparison sites has made it ‘fairer’ for insurers. Their investigation has stopped insurers from creating partnerships with comparison sites to promote their service on a more competitive price.
But has it made it easier for you?
Now, insurers can no longer offer exclusive, low prices to partnered comparison sites. This will make it harder for you to find the best car insurance deal. If comparison sites won’t get you the best deals, what can you do?
You have two options. You can shop around by contacting insurers directly and using multiple comparison sites, but you probably don’t have time for that. Or you can do what a third of all UK drivers are already doing…
8.5 million UK drivers used a specialist broker, like us, to get insured last year. This is because an insurance broker can negotiate directly with insurers to land you the best deal. This frees up your precious time and lets you live your life without the stress of directly dealing with insurance companies.