It’s a good thing discussions about rates going up and down are so endlessly fascinating. Reading the insurance press could get a bit dull otherwise.
The latest enthralling instalment in the unfolding story of motor insurance rates is that, as Insurance Times reports this week, “Motor insurance rate increases start to slow.”
The latest bulletin from the folks at the snappily-entitled Confused.com/EMB Car Insurance Price Index (CIPI) claims that comprehensive insurance premiums rose by “just” 8.6% in Q3 2010 (compared with 14.2% in Q2) to £650, leaving them 37.5% higher than they were in October 2009. TPFT premiums rose by 11.7% in Q3, following an 18.4% hike in Q2, leaving them 54% higher than a year ago.
EMB partners Peters and Lee commented: “The level of increases is starting to slow down; with each month in the quarter showing flatter price rises than the previous one. Medium-term I think there’s a realisation of the need for additional strategies for dealing with rampant bodily injury costs and managing fraudulent behaviour such as the wider use of risk indicative external data.”
“Car insurance prices seem to be easing off,” explained Confused.com head of motoring Darren Black.
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