Tiger Watch - December 2015
CAR INSURANCE PRICES SOAR ACROSS 2015
5th January 2016
Tiger.co.uk's latest car insurance price monitor shows soaring rates, with premiums in December 2015 over 30% higher than those recorded a year earlier and prices across the whole of 2015 some 12.4% up on the previous twelve months.
Each month, car insurance comparison site Tiger.co.uk publishes Tiger Watch, the UK's most up to date car insurance price monitor. December 2015's analysis makes dismal reading for the UK's 30 million car owners, with rates some 30% higher than those recorded in December 2014 and 3.6% up on the premiums recorded just a month earlier. This inflation, the result of November's increase in Insurance Premium Tax and the hardening of rates by insurers looking to return to profitability after years of financial under-performance, means that car insurance premiums are now at an all time high.
The increase in rates over the last year is clearly shown in this graph:
The December Tiger Watch results mark the culmination on increasing inflation across the second half of 2015. Looking at the whole of the year, 2015 car insurance prices were 12.4% higher than those recorded in 2014 - but this masks the much higher increases seen towards the end of the year - the trend in pricing is clear to see when rates are examined on a quarter-by-quarter basis over the last two years:
This should serve as a warning to motorists facing car insurance renewals early in 2016 to be prepared for significant increases in rates.
Looking at the longer term trends in the market, Tiger Watch data shows that 2015 rates were actually slightly lower than those seen in 2011, and that rates in the intervening years have in fact dropped. However, car insurance inflation has returned with a vengeance:
|Name:||Joanna Buck - Senior Marketing Manager|
|Phone Number:||01473 542898|
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).