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Oct 14 2011 5:16PM
Swerve in car insurance costs

The cost of comprehensive motor insurance cover rose by an average 12.3% in the 12 months to the end of September, according to the latest Confused.com/Towers Watson Car Insurance Price Index.However, the rate of increase compares with 38% over the whole of 2010, and the average cost of a comprehensive policy now stands at a mere £843, having risen by only £92 since October of 2010.Even more encouraging for consumers, premiums have actually fallen in the last three months, with a 1.6% decrease marking the first quarterly drop in comprehensive cover for over three years. As widely acknowledged, escalating levels of bodily injury claims are a major force in car insurance inflation but despite action on referral fees, Towers Watson director, Peter Lee, is uncertain whether the current state of motor insurers’ profitability justifies dropping prices just yet. He explains Although the economic downturn has reduced claims as a result of people driving less, the proportion of accidents that result in bodily injury claims is still growing strongly.Confused.comhead of motor, Gareth Kloet, is more positive, stating The good news for consumers is that prices appear to be levelling out and there is real momentum behind making sure that the legal system creates an environment where conscientious drivers, who make up the vast majority, can get a fair deal from insurers.Other key findings from the survey include 1. Third party, fire and theft premiums continued to increase, at a rate of 2% between July and September, premiums having typically risen by £192 in the last 12 months to an average £1,155. 2. Drivers in Northern Ireland and the West of England received the biggest quarterly price drops for comprehensive cover. 3. At postcode level, drivers in Oldham received the highest comprehensive premium increases, whereas those in Gloucester saw the lowest. The Confused.com/Towers Watson Car Insurance Price Index is compiled using anonymous data from all enquiries submitted on Confused.com. The prices used for analysis are based on an average of the best five quotes received.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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