The car insurance industry is full of doom and gloom, everything just keeps on getting more expensive. Last year though…it didn’t. Well sort of.
What actually happened is that during the last 4 months of 2016 the average car insurance rate dropped by 1%, which amounted to roughly £9 that stayed in the pockets of drivers around the UK.
UK Car Insurance…Always Getting More Expensive
So should motorists be joining hands around the country and singing a song to celebrate? Not exactly. While the average car insurance price did drop slightly during that time, the overall trend gives us one word, and one word only…EXPENSIVE.
At some point last year the average price for car insurance cover in the UK was £727, which as I’ve reported on before, is a lot more expensive than even 10 years ago. In that blog post I mentioned you might want to get a time machine, although some people did write in and mention that just over £700 for cover wasn’t too bad.
Maybe so, but what many people had not anticipated is that it wasn’t going to stay that way forever, something which I called of course.
£828 for 2017 – No Way!
That is why, right now as we speak, the average car insurance premium in the UK for 2017 stands at a staggering £828.
In other words…yes, you might have seen a small drop towards the end of 2016 and saved yourself a nice £9 (hope you spent it wisely), but in the grand scheme of things those fat cat insurance directors are taking you for a ride.
£1000 by 2018 – No Wayyyyyyy!
A ride to where you might be wondering? As I’ve wrote about in a recent post here at Cheap Car Insurance, it could very well be a ride to £1000 for car insurance by 2018. In my opinion, there are going to be a lot of drivers who simply can’t afford to run a car anymore.
One way to beat these ridiculous prices and keep your car insurance rates at least somewhat respectable is to pay all in one go. Don’t pay monthly, because then you get charged interest and all that other stuff.
A recent report showed how an initial car insurance quote of £498 for one driver, turned into £597 when they decided to pay monthly.
That same report went on to mention that 35% of UK drivers pay for their motor insurance by monthly instalments, which is essentially a loan that is being paid back with interest. Avoid if you can.
Cheap Car Insurance, The Comparison Site Of The People
As many people will tell you, the best way to save a lot of money on car insurance is to use a comparison website.
Seriously, it makes no sense to be loyal especially when these fat cats are adding almost £100 a year to your car insurance bill. Instead, show them who the real boss is…by shopping around and then taking your custom to a company who appreciates your business and saves you money.