Are Car Insurance Premiums On The Increase?
Car insurance premiums have been falling in the last few months, with year-on-year drops of over 15% being recorded by Tiger Watch, the car insurance price monitor compiled by Tiger.co.uk.
Tiger Watch data for June continues this trend, with car insurance prices dropping by over 6% compared to those seen in June 2013's Tiger Watch data. However, the monthly trend is not good news for Britain's motorists, as the monitor showed a significant increase in prices on a month-on-month basis. Car insurance prices in June were 3.7% higher than the average May premiums.
Commenting on the June results, Andrew Goulborn, Tiger.co.uk's Commercial Director said: "Analysis of the June Tiger Watch is really interesting. Drivers receiving their renewal notices in June should still be seeing - on average - significant drops in premiums. This is especially true for younger female drivers. The monthly trend, however, shows a very different result, with prices increasing by 3.7% compared to those recorded in May of this year. We have been expecting car insurance premiums to harden again following months of "softer" rates because most insurers are struggling to make profits. However, industry observers had been forecasting that this hardening of rates would be seen in the last few months of the year. July's Tiger Watch results will be equally interesting."