Shopping around for motor insurance has hit its highest mark in over four years as pricing increases and new regulation start to take their toll.
Drivers are feeling the crunch as motor insurance premiums hit an average of £666 in the year to June 2017 with the average motor insurance bills now 15.7% more expensive than a year ago. Customers are now seeing the impact when their renewal letters come through from their insurer with the increases clearly highlighted as last year’s premium is displayed.
If there’s one certainty about the Ogden rate changes, it’s that premiums will increase sharply. We have already seen them rise by 4.2% in the months to the end of March.
This week marks yet another enforced change on the general insurance industry. From the 1st of April brands must publish last year’s premium at renewal.
March 8th was International Women’s Day, a global day celebrating the social, economic, cultural and political achievements of women and a call to action for accelerating gender parity.
The ever-rising premiums for motorists stand in sharp contrast with what’s happening in the home insurance market.
Once a quarter the market gets an update on what is happening with premiums. Whether you look at our own Consumer Intelligence insurance index or the AA’s British Insurance Premium index, one thing holds true, the price of motor insurance is rising.
The increase in the number of consumers shopping around has spurred on the aggregator market, and familiarity with the main players in price comparison has helped foster consumer trust and acceptance.
The number of customers shopping around for Motor insurance has spiked since November 2015. This is as a direct result of the rise in insurance premium tax (IPT) and also a general rise in insurance premiums that took place in Q4-2015.