Car owners may be receiving some unwelcomed news, as car insurance premiums look set to spike this year. Insurance provider Zurich has already increased its premiums by 20%, leading to concerns that other insurance companies will do the same.
More and more motorists are putting in personal injury claims after accidents, especially after the recent snowy weather, causing a huge fall-out for insurers who are having to pay out vast sums of money.
Will Thomas of price comparison website Confused.com agrees, “Zurich’s announcement that they are to increase motor insurance premiums by up to 20% has not come as a surprise. It is anticipated others will follow suit, the only question is who will be next?”
With the advent of price comparison websites, such as confused.com, motorists are becoming more savvy when it comes to signing up to a policy, meaning that insurers are becoming more competitive than ever, so it may not all be bad news. A recent survey revealed that more than half of UK drivers rely on a price comparison website when it comes to renewing their policy or taking out a new premium.
There are still drivers who set their policy to automatically renew, which means they could be missing out on competitive price rates. Confused.com is urging them to check out the competition before renewing their premium this year as they could save money.
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