Motor insurance premiums rose at an average 1% a month during the last quarter of 2008 says an AA report, with the annual increase put at 8.7%. The average premium for annual comprehensive cover is put at £741.66.
Despite the financial crisis forcing prices down in most sectors, motor insurance and probably all other forms of insurance are expected to increase further during 2009. In terms of motor insurance, often considered a loss leader, regardless of the huge funds used to advertise it, the AA expects prices to accelerate due to the huge personal injury claims market and an increase in fraud.
Detected fraud increased by 17% in 2008.
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