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Car insurance prices on the rise for first time in three years

Date: 13/10/2014 04:28:46
Category: Insurance
Author: Laura Varley

Car insurance prices are on the up for the first time since June 2011, new data from Confused.com has revealed.

Between June and September, comprehensive premiums crept up by 0.4 per cent, whereas third party, theft and fire policies rose by 0.2 per cent. This means prices have increased by as much as £56 when compared to June this year, telegraph.co.uk reports.

Premiums have shot up for young and elderly drivers in particular, as 19 year olds now have to pay £56 more to insure their car, whereas 66 year olds saw prices go up by £19 on average.

Drivers pay, on average, £582 to insure their car for a year. Steve Sanders, finance director at Confused.com, noted that although the quarterly increase only stands at £3, it shows the price drops are starting to come to an end, reports insuranceage.co.uk.

James Daly, joint-founder of fairerfinance.com, said it's down to drivers to ensure their premiums don't rise too high.

"Switching every year is crucial," he stated. "The whole insurance market is set up to offer you cheap prices - often loss-making for the insurer - so that drivers will be switched to a more expensive premium after their first year. Insurers are facing a downward pressure on costs because more people are shopping around and they have to offer competitive prices."

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