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Monday 25th February 2008
New research has revealed that car insurance premiums have risen by five per cent over the past year, leading advisors to recommend drivers shop around for the best deal.
Sainsbury's Bank's Car Insurance has shown the average premium stood at £497 in December 2007 up from 2006's figure of £473.
The index showed that drivers aged between 40 and 50 saw the highest increase in premium prices - an average of seven per cent.
This was closely followed by the under-25s with an increase of 6.59 per cent.
Commenting on the figures, Sainsbury's car insurance manager Joanne Mallon said: "Car insurance premiums continue to rise which makes it all the more important for motorists to shop around for competitive insurance.
"The trick is cutting your costs without cutting your cover - cover and benefits vary dramatically between insurers but unfortunately, as many as one in five motorists only obtain one quote when they buy car insurance, many saying they can’t be bothered to shop around or that they don’t have enough time to do this."
She added: "Missing out on a cost saving is one thing but not taking the time to make sure you've got good quality cover could turn out to be a major regret."
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