Average car insurance premiums are set to rise beyond £700 by the end of 2016, a new report warns.
A combination of rising repair bills and insurance scams are among the reasons higher costs are being passed on to motorists, according to Comparethemarket.com.
The price comparison website’s report found that the average premium between June and August 2016 cost £697 – up from £679 in the previous quarter.
The figure was also up from £605 year-on-year, representing an annual rise of £92.
Average motor premiums across all age groups have jumped £92 in the last year to £697
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Furthermore, the cheapest policies across all age groups have also risen from £510 to £579 over the last 12 months.
Dan Bass, head of motor insurance at Comparethemarket.com, said: “This year has been tough for British drivers, with premiums rising consistently throughout the year.
“But it’s not all doom and gloom. The bigger the difference between cheapest and average premiums, the greater the saving to be made by shopping around.”
ITV Report
