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Wednesday 16th July 2008
Car insurance premiums have risen by an average of £20 over the past three months, new AA data has shown.
According to the firm's latest British Insurance Premium Index, young drivers have faced the sharpest rise in annual cover costs - and are now paying £45 more than they did in March.
On average, car insurance premiums now cost £700 per year.
Rises have also been registered for home buildings insurance over the quarter - with cover now costing around £1 more.
Best buy insurance, however, has risen more sharply - with the mean of the three cheapest deals on the market rising by £23.
The AA's director of insurance, Simon Douglas, commented: "Car insurance costs are spiralling. While the number of casualties on Britain's roads is falling the cost of accidents is rising and young drivers are taking an increasing share of the toll. Insurers are also concerned about rising legal costs and personal injury claims and I expect the upward trend in premiums to continue.
"It's vital that the industry and road safety groups work together to find ways of getting young drivers on the road safely and responsibly - and with affordable insurance premiums."
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