Is your car insurance going to be cheaper in 2014 or more expensive?

(article posted 23/01/2014)

As Christmas is now behind us and the lengthening days stretch out ahead, everyday life regains its focus and with it the everyday concerns such as the household bills.

So, following last year's drop in car insurance premiums, what can you expect in 2014? Will premiums continue to fall or will they begin to level off?

Chris Knott's premium predictions for 2014.

Chris Knott's average premium dropped £52 from £398 to £346 across 2013.

Nick Day, head of Marketing at Chris Knott Insurance, comments "Industry stats show that car insurance premiums fell by as much as 14% across 2013. Indeed, our own average premium fell from £398 to £346 mirroring the trend.

To predict with any certainty what will happen next is really quite difficult. Rates are clearly already too low for insurers to be able to sustain long-term. They fell too quickly as providers sought to gain volume. Sense would say that rates need to at least plateau and perhaps even rise to a more sensible level but who will be the first to blink? The industry is known for its see-sawing rates and doesnít do itself any favours.

As things stand I donít anticipate much movement until after the fiscal year end in April. Insurers will then look at their operating ratios, i.e. claims costs versus written premium, and take a view. If I had to jump one way or another I'd anticipate a small increase thereafter".

He adds "You can be confident though, whatever happens, that we will respond to any changes and continue to help customers get the best deal". 




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