UK Money News
7th May 2008
Car insurance premiums set to rise 10%
Motorists can expect to pay considerably more for their car insurance this year, a price comparison site has warned.
MoneyExpert.com claims the cost of insuring a vehicle is set to rise by as much as ten per cent over the course of this year.
However, according to the site, savings can still be made by drivers who are coming to the end of their deals, since they are likely to be offered cheaper deals by insurance providers which are keen to attract new business.
This makes it imperative that drivers shop around for the best deal rather than simply renewing their cover with their existing provider, said Sean Gardner, founder of the site.
He explained: "When it comes to car insurance, loyalty does not pay. The only way that car insurance companies can offer discounts and incentives to attract new business is by passing on the extra cost to their existing customers.
"Have you ever wondered why your renewal notice always seems to rise slightly compared to the competitive quote you got initially? It's because you're paying for someone else's cheap deal."
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