Tiger Watch - April 2016
CAR INSURANCE PRICE SHOCK
16th May 2016
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Car insurance premiums are continuing to rise, reaching record levels last month according to comparison site Tiger.co.uk.
Britain's motorists are continuing to see their car insurance premiums soaring according to the latest Tiger Watch monitor from comparison site Tiger.co.uk. Research based on the analysis of thousands of car insurance quotes shows that premiums rose to another record high last month, with premiums some 1.7% higher than those recorded in March 2016. Looking at the annual picture, rates were up over 37%, massively outstripping inflation and making a real dent in motorists' wallets.
Commenting on the results, Andrew Goulborn, Tiger.co.uk's Commercial Director, said: "We're seeing big year-on-year increases across the board with all of our different driver profiles experiencing double-digit inflation. In particular we're picking up big increases in rates for younger male drivers. Contributing factors driving this pricing trend include the government's increase in Insurance Premium Tax which is feeding through to 2016 renewals on top of a general hardening of market rates as insurers look to improve current marginal profitability. We'd always recommend anyone receiving their renewal notice to shop around to make sure they get a decent deal without compromising on levels of cover."
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Tiger.co.uk is a trading name of Call Connection Ltd. Tiger.co.uk is a UK based motor insurance comparison site, offering insurance quotes from over 150 motor insurance brands. Call Connection Ltd is authorised and regulated by the Financial Conduct Authority (FCA number 308374).