Car Insurance Prices Rocket - Tiger Watch July 2015
The monitor reports that premiums in July were some 23% higher than those recorded a year ago and that June's 14% month-on-month price drop has been more than wiped out with a 19.5% monthly increase in rates over the month.
The increase, the biggest monthly leap in prices seen since Tiger Watch was launched in 2010, has hit most of the Tiger Watch driver profiles as Tiger.co.uk's Commercial Director, Andrew Goulborn, explains: "It's quite rare that we see such consistency of price movement across all of the different gender and age combinations that we look at for our Tiger Watch monitor. In fact it's only our younger male driver profile that hasn't seen a significant increase in car insurance prices. Overall we've registered premiums that are some 23.5% higher than those we recorded a year ago, and almost 20% up on June 2015 prices - that's the biggest single monthly rise we've ever seen. It would appear that we're seeing a substantial hardening of car insurance rates, greater than the increases that the market saw across the second quarter of 2015. With so much volatility in the market, we'd urge all UK motorists to shop around at renewal".