Car insurance renewal through the roof?
The cost of car insurance is on the rise - premiums are increasing at an unprecedented rate due to EU rules which have resulted in women no longer being offered cheaper premiums than men, and the rise in personal injury claims, which is pushing up the price of insurance for everyone else.
Has your car insurance renewal quote left you wondering if you can afford to stay on the road? Fair Investment's Online Personal Finance Editor, Rachael Stiles, had a shock when she opened her renewal quote from the insurer that she's been with for seven years. It had risen from £350 the previous year to £873, despite the fact that she has never made a claim, or changed her policy in any way.
"When I saw my renewal quote I couldn't believe it, and I thought that I couldn't afford to have a car anymore," Rachael comments. "I couldn't believe that the company I had been with for years would repay my loyalty by increasing my premiums by more than 100 per cent, when I haven't made a single claim."
After discussing the sharp rise in car insurance premiums on fairinvestment.co.uk, and encouraging consumers to shop around to get the best price, Rachael thought she'd take her own advice. Using the Fair Investment car insurance comparison service, she compared car insurance deals from more than 95 insurance providers and found a quote for the same level of cover that was just £340.
"I'm so glad that I compared other deals, rather than struggling to pay the renewal quote or getting rid of my car," says Rachael. "This goes to show that while premiums are on the rise, it's still possible to find affordable car insurance if you take a few minutes to shop around."