Norton Insurance Brokers has noticed a 345% increase in a day of people searching for ‘car insurance rising’ online.
Martin Lewis highlighted a staggering 61% surge in car insurance quotes over the past year, with renewal costs going up by approximately 30%. He also reported that premiums will likely continue to rise even further.
In light of this trending issue, Mark Wilkinson, Managing Director at Norton Insurance Brokers said, “The surge in car insurance premiums is shaped by multiple factors. Undoubtedly, the impact of inflation has rippled through every aspect of our lives, including insurance premiums.
“Inflation levels have been affected through labour shortages and the cost of materials going up across the board. The insurers have incurred increased costs when claims occur for these reasons, which has a knock-on effect in all other insurance areas. Not forgetting the frequency of severe weather conditions and the shortage of parts – these costs are in turn passed onto the consumer that affect premium prices. “
Common steps you could take to minimise your premium include keeping your policy details up to date, reviewing your annual mileage to ensure you’re only paying for the miles you’re using, and paying annually to avoid interest costs.
However, one thing to remember if you’re shopping around for your next car insurance policy is to make sure you don’t fall victim to underinsurance.
He added, “We advise ensuring you get all the necessary cover you need in your policy such as windscreen repair, and your vehicle is accurately valued in the event of damage or theft.
“By insuring with a broker, you will benefit by accessing insurers that aren’t accessible on comparison sites. A broker like ourselves could contact a range of insurers on your behalf, get you the best level of cover for a competitive price.“