There has been a significant increase in the cost of
car insurance policies, according to recent research.
Latest figures from the Confused.com/EMB
Car Insurance Price Index indicated that the average cost of premiums rose by 14.2 per cent during the second quarter of 2010.
Furthermore, the average policy was found to be £74 more expensive in the three months leading to the end of June – an annual increase of around 31 per cent.
Motorists in the 41-55 year old category were particularly affected, as they now have to pay to have their children added to their policies.
Confused.com product director, Simon Lamble, said the findings were grim news for drivers who have been hit with various price hikes in recent months.
"This is a massive blow for motorists who have already suffered at the hands of petrol price hikes and insurance premium tax increases," he commented.
It is thought that the increases are an attempt by insurers to get back into profit in the wake of rising costs.
Zurich recently announced that it was considering upping its prices by up to 20 per cent, with many in the industry expected to follow suit.
