Tiger Watch tracks the price increases in the car insurance market by comparing hundreds of car insurance quotes every month. The results show that prices for car insurance continued their upward trend in May 2011, with costs in the month being 29.4% higher than those of May 2010 and 2.3% higher than those returned in April 2011.
A spokesperson for Tiger.co.uk said: “Car insurance inflation is not showing any sign of slowing down and these increases are adding hundreds of pounds to the average annual cost of motoring. Our Tiger Watch price monitor shows that insurance costs have increased over 10% in the last 3 months alone and drivers are commonly receiving insurance renewals with annual premiums that are £200 to £300 higher than those paid a year ago – much greater for some drivers. We think that this trend is very likely to continue across 2011, albeit with a slower rate of inflationary growth from August onwards. 2011 could still end with costs around 25% higher than those seen in 2010.”
The Tiger.co.uk spokesperson went on to offer advice to motorists who are trying to find cheaper car insurance: “Our advice is to make sure you always shop around rather than just accepting a renewal price. Using an independent comparison site like Tiger.co.uk only takes a few minutes and could result in significant savings on car insurance by giving you access to a large number of UK insurers. Other tips for keeping the cost of insurance down include not adding any modifications to your car; considering (where legitimate) adding a second, more experienced driver to your policy; and paying for your motor insurance in one instalment rather than incurring the interest charges that are usually incurred by paying monthly”.