The latest confused.com car insurance price index, in
association with Willis Towers Watson, has revealed that in Q4 2016
comprehensive car insurance premiums were 14 per cent more than in the same
period the year before.
The price data was based on almost two million customer
quotes and compares to a 6.9 per cent increase for the same period in
2015. An average comprehensive car
insurance premium is now £767.
It has been suggested that the increase in premiums is down
to a number of factors including the rise in IPT, increased repair bills as
cars get more sophisticated, and “ambulance chasing” lawyers. A spokesman from Willis Towers Watson said
there could be “an underlying slowdown in the rate of premium increases”, which
would be welcome news to motorists.
The figures that were released also showed that there is
still a difference in car insurance premium based on gender. Insurers cannot
charge men and women differently based on gender since the introduction of EU
rules at the end of 2012. The difference is most probably because premiums are
based on the fact that men are more likely to drive to work, drive faster cars,
drive more miles, and therefore have an increased probability of accidents.
When the EU rules were brought into effect, the difference
in premiums for men and women was £27, where it is now £101.
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