Car insurance sees biggest ever hike
28 January 2010
The cost of car insurance saw an unprecedented jump last year, new figures show.
Motor insurance took its steepest hike at the end of 2009, according to figures from the AA.The accident and breakdown service revealed in its British Insurance Premium Index that car cover increased by more than seven per cent in cost during last year's final quarter.
On average, quoted premiums for comprehensive car insurance rose by 7.2 per cent, hitting £1,000.
Third party, fire and theft (TPFT) cover saw a jump of 8.9 per cent.
Even the Shoparound index, which averages the three lowest quotes, showed comprehensive insurance increasing by 11.3 per cent to reach £613, while TPFT hit £788 - a 13.9 per cent rise.
Recently, the AA Car Purchase Index indicated that more people were looking to buy a car than was the case a year ago, but they plan to spend less.
Fewer buyers were concerned about green credentials in choosing their next model as well, with just 15 per cent citing it as a reason for selection.
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