car insurance price increases - 2010 record

car insurance price increases - 2010 record : The cost of motor insurance premiums rose 38pc last year – an increase of nearly £200, The latest Confused.com/EMB Car Insurance Price Index found that the average premium paid across all age groups to £695. The percentage increase was more than triple that of 2009. Third party, fire and theft (TPFT) customers fared even worse, facing an annual increase of 56pc, the equivalent of an extra £322, meaning the last refuge for young drivers looking to cut costs seems to have been compromised.

Those aged between 51 and 55 were hit with the biggest rise, while the 17–20 year old age group saw premiums rise the least in the second half of the year.

Drivers in Manchester and Merseyside saw the fastest rising prices in 2010, with an annual increase of 49pc – 10pc above the UK average.

This week the Parliamentary Transport Select Committee met for the second time to discuss premium increases.

Will Thomas, head of motoring at Confused.com, said: "While costs are undeniably still rising, there is evidence that the rises are starting to lose momentum. Despite the hefty annual increases, price rises declined for the second quarter running. Comprehensive policies rose by an average of 6.9pc between October and December with TPFT ones increasing by 9.2pc.

The investigation into insurance costs for young drivers is a clear sign that escalating costs and their implications are being taken seriously, but it seems there is no light at the end of the tunnel just yet. The rise in Insurance Premium Tax and rising fuel costs will continue to challenge people financially." For the latest updates PRESS CTR + D or visit Stock Market news Today

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