TIGER WATCH - FEBRUARY 2016
CAR INSURANCE PRICE SHOCK
2nd February 2016
Download as PDF
UK motorists who received their car insurance renewal notices in February will have been shocked to see their premiums soaring by over 30% compared to prices paid a year ago according to car insurance comparison site Tiger.co.uk.
Inflation is rampant once again in the car insurance sector according to the latest price monitor figures released by Tiger.co.uk. The car insurance comparison site publishes its Tiger Watch results each month, providing UK motorists with the most up to date snapshot of pricing trends. The figures for February 2016 make grim reading for anyone about to renew their policy, with one of the biggest month-on-month and year-on-year price hikes ever recorded by the monitor.
Prices rose by some 32% compared to those seen in February 2015, taking car insurance premiums to record levels and, for many drivers, negating the positive effect of recent reductions in fuel prices. Looking at the shorter time frame, prices recorded in February were some 6.9% higher than those seen just a month earlier, the largest single monthly increase ever recorded by the Tiger Watch monitor.
Commenting on the results the site's Commercial Director, Andrew Goulborn, said: "We've seen some massive price increases hitting most driver profiles in 2016 as insurers attempt to improve their profitability - which has been generally poor for the last few years - and the one-off hike in insurance premium tax is also being felt. Any driver receiving notification of their renewal premium should always shop around to ensure that they are getting a good deal - just a few minutes using a comparison site like Tiger.co.uk could save motorists hundreds of pounds".
Download as PDF
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).