November car insurance rates reported as relatively stable

November’s car insurance rates were reported as being relatively stable, according to one online car insurance comparison website.

Analysing hundreds of discount car insurance quotes every month, the website released its November edition of its price monitor, which provides some of the earliest and most accurate information available in regards to policy price movements, giving guidance for both the insurance industry and motorists in the UK.  The price watch data for November found that, in comparison to November 2010, prices were up by 2.8 per cent.

When examined quarterly, insurance premiums are actually on the decline, as prices over the past three months demonstrate a drop of 5.1 per cent in comparison to the three months preceding it.  This is despite a 4.7 per cent month-on-month increase over October’s quote data, the price watch data pointed out.

However, a comparison website spokesperson issued a warning against being complacent, as the recent policy rate fall follows on the heels of extremely high car insurance price inflation.  The insurance specialists estimate that by the end of the year, 2011 premium prices will be around 16.4 per cent higher than the average price in 2010, which led the spokesperson to make the recommendation that all motorists shop around when it comes time for their insurance renewal.

The research findings also also pointed out several different demographics who have been facing massive motoring cost rises.  hile the market may be relatively stable at the moment, both females the age of 25 and males 45 years of age both saw increases of 17.1 and 22.6 per cent respectively.

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