Car insurance rates undergo marginal drop in February

Car insurance rates were found to undergo a marginal drop last month, with research from a major car insurance comparison site finding that February saw a decline of 0.1 percent to the cost of insurance cover, experts say.

The provider of discount car insurance quotes stated that the price drop, which came on the heels of news that the previous month’s insurance premium pricing dropped 2.5 per cent from January 2010, could spell much needed relief for motorists in the UK who have experienced a 45 per cent increase in the cost of insurance over the past year and a half.  However, the recently released research findings indicate that pricing in the motor insurance market has continued to stabilise over the last eight months, and that while it was true the costs of some cover has gone up, the increases in line with the current inflation rate in the UK; in fact there were many instances that found insurance pricing increasing at a slower rate than the general cost of living, the research findings indicated.

These figures may act as an encouragement for more drivers to get back on the road, the comparison site said, even in the face of a new report from the Association of British Insurers stating that mtorists in the UK pay £2.4 million every day in legal fees related to injuries occurring during car crashes.  The commercial director for the comparison site, Andrew Goulborn, remarked that the company’s latest data for February states that the high inflation levels that plagued the UK during 2010 and large portions of 2011 are long past.

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