UK Money News
25th February 2008
Car insurance policies to cost more
New research has revealed that car insurance premiums have risen by five per cent over the past year.
Sainsbury's Bank's latest Car Insurance Index reveals the average premium stood at £497 in December 2007 - an increase over 2006's figure of £473.
Drivers aged between 40 and 50 saw the largest increase in car insurance premium prices with an increase of seven per cent, this was closely followed by the under-25s with an average increase of 6.59 per cent.
Commenting on the figures, Sainsbury's car insurance manager Joanne Mallon said: "Car insurance premiums continue to rise which makes it all the more important for motorists to shop around for competitive insurance.
"The trick is cutting your costs without cutting your cover - cover and benefits vary dramatically between insurers but unfortunately, as many as one in five motorists only obtain one quote when they buy car insurance, many saying they can't be bothered to shop around or that they don't have enough time to do this."
She added: "Missing out on a cost saving is one thing but not taking the time to make sure you've got good quality cover could turn out to be a major regret."
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