Premiums for motor insurance in the UK have seen an average increase of 3.1% in the last quarter, representing a financial increase of £22.
The AA British Premium Index reports that over the past twelve months, quoted premiums have actually risen by £50 or 7.6% to an average of £724.28.
During the same period cover for Third Party Fire & Theft (TPFT) motor insurance has seen a fractional decrease of around .06% to an average of £879. However fewer insurers are now offering TPFT cover, particularly to younger and inexperienced drivers, with Allianz the latest company to withdraw from that market.
AA Insurance has warned that despite the increases in premiums in the motor insurance the industry still makes an underwriting loss, with £105 paid out in claims for every £100 taken in premiums.
Once again Personal Injury and Legal Costs are said to be causing the motor insurance industry some concern, having seen a rise in claims in these areas of 22% in the year.
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