fleetman
03-08-2007, 11:57 AM
At least one major <a href="http://www.homeapproved.co.uk">UK car insurance</a> company has intimated to the market that its motor premiums are set to rise over the next 12 months by up to 16%. Claiming an increase in the number and value of claims made as the sole reason from the hike in premiums seems to be (on the surface) slightly dubious.
Is your car insured with Norwich Union, the AA, Admiral or Quinn? Then it may be time to ring round when the renewal notice lands on your doormat. Figures obtained by Guardian Money reveal they are pushing premiums up, while the best deals are being found at More Th>n, Zurich, the RAC and Swiftcover.
The range of premiums quoted by companies vying for your business has never been wider. Some motorists could easily save £200 or more by shopping around, while others will miss out by simply renewing, say industry experts. Price differentials are widening because three of the largest insurers (between them they dominate 50%-60% of the market) are all trying to up prices.
Last September, Norwich Union announced it was looking to hike premiums by an average of 16% - with young motorists looking at possible increases of up to 40%. The RBS group, which includes the Direct Line, Tesco and Churchill brands, followed a few weeks later by saying it was looking to increase rates by 5%-6%. All three said they are raising premiums to cover the increased cost of claims.
Specialist brands are thriving, as policies are increasingly being tailored to target segmented areas of the market, such as the elderly or women-only. There is also the emergence of value-add incentives, used as bait to entice customers away from existing, or similarly-priced, insurers, eg £50 cash-back (Post Office), handbag cover (Diamond), free MOT (Kwik-Fit)."
Meanwhile, if you can't be bothered to seek out cheaper quotes, Barclays will "beat the cost of your current car insurance quote, and, if not, we'll refund the difference by up to £100 and give you £50 when you switch." The Post Office (see above) has a similar deal.
Is your car insured with Norwich Union, the AA, Admiral or Quinn? Then it may be time to ring round when the renewal notice lands on your doormat. Figures obtained by Guardian Money reveal they are pushing premiums up, while the best deals are being found at More Th>n, Zurich, the RAC and Swiftcover.
The range of premiums quoted by companies vying for your business has never been wider. Some motorists could easily save £200 or more by shopping around, while others will miss out by simply renewing, say industry experts. Price differentials are widening because three of the largest insurers (between them they dominate 50%-60% of the market) are all trying to up prices.
Last September, Norwich Union announced it was looking to hike premiums by an average of 16% - with young motorists looking at possible increases of up to 40%. The RBS group, which includes the Direct Line, Tesco and Churchill brands, followed a few weeks later by saying it was looking to increase rates by 5%-6%. All three said they are raising premiums to cover the increased cost of claims.
Specialist brands are thriving, as policies are increasingly being tailored to target segmented areas of the market, such as the elderly or women-only. There is also the emergence of value-add incentives, used as bait to entice customers away from existing, or similarly-priced, insurers, eg £50 cash-back (Post Office), handbag cover (Diamond), free MOT (Kwik-Fit)."
Meanwhile, if you can't be bothered to seek out cheaper quotes, Barclays will "beat the cost of your current car insurance quote, and, if not, we'll refund the difference by up to £100 and give you £50 when you switch." The Post Office (see above) has a similar deal.