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UK motor insurance premiums rise by 14%

The average motor insurance premium in the UK has increased by 14% over last year with young drivers apparently bearing the brunt of this new push by the car insurance industry to lock in profits for the future. This comes at a time when more and more people in the UK are struggling to cover their everyday living expenses and a 14% increase in motor insurance premiums is a disaster for many people.

The growth in premiums is the largest for 15 years and will only exacerbate the problem of uninsured drivers, whose numbers are growing year-on-year in the UK, as more and more people are prepared to take the risk. A report by the AA suggests that young drivers who do not shop around for fully comprehensive cover could be paying upwards of £800 a year although the average premium is around £552 if you shop around using comparison websites.

While this increase in premium costs will shock many people in the UK it was flagged last year when an industry report suggested that premiums needed to rise by 20% to "maintain profitability" in the sector. It will be interesting to see how this impacts upon the level of insurance claims and the number of uninsured drivers on UK roads.

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