Car Insurance Rates Up Again In March
Car insurance prices continued their upward trend, with a 5.1% year-on-year increase in premiums reported by comparison site Tiger.co.uk.
Tiger Watch is the monthly car insurance price monitor that has been produced by comparison site Tiger.co.uk since 2011. Analysing hundreds of car insurance quotes each month, the monitor provides the UK's most up-to-date snapshot of price trends.
Figures released for March suggest that car insurance inflation is back with us, with premiums estimated to have increased by 5.1% compared to prices of a year ago and 1.9% compared to rates seen just a month ago.
This increase comes after last month's Tiger Watch reported a jump of over 6% in rates since the start of 2015, fuelling fears that, after a long period of relative stability and falling rates, car insurance pricing is hardening and renewal prices are now on an upward trend.
Andrew Goulborn, Tiger.co.uk's Commercial Director, commented: "Last month we reported a significant increase in car insurance pricing and that has been sustained into March. We're seeing the UK's motorists facing renewal rates that are about 5.1% above their 2014 rates. This average will of course mask a wide range of variance in the market. For example we are seeing our younger driver profiles enjoy flat or even reduced prices, whereas for older groups, particularly women over 35, could well be hit with double-digit percentage increases".