Why is the cost of car insurance going up?
Posted on 16th September 2022 at 12:49
According to new research from the insurance industry, car insurance premiums have risen by 8% in the last 12 months. On average, drivers have paid an increase of £51.
We have seen this affecting a number of clients and wanted to explain the factors which led to this increase:
The scarcity of new vehicles created by the pandemic, meant the value of used vehicles has increased.
The cost of parts and repairs to second-hand vehicles has also increased.
Traffic volume has increased on the roads which also raises the possibility of accidents and incidents whilst driving. Therefore, insurers are covering the cost of more claims.
The FCA proposed a fair pricing strategy, preventing insurers from offering introductory discounts.
Our team at Hedon Insurance always provides quotes with the best prices that are available through our markets, for the level of cover that is required.
It always pays to shop around, especially for young drivers who could benefit the most. However, our advisors at Hedon Insurance always shop around on your behalf, giving you plenty of time prior to the renewal date to make an informed decision.
We are easy to contact - our friendly and helpful Insurance Advisors are available via; phone, email, social media, website and live chat. Plus, our new telephone system enables callers to leave a message, rather than hold, one of our advisors will then call you back.
This removes barriers to getting in touch so you can discuss your insurance requirements.
Tagged as: car insurance
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