The final three months of 2014 saw the average cost of comprehensive insurance drift up to £540, an increase that does not bode well for road users.
The reaction comes following a report by the BBC detailing a predicted 10 per cent increase in car insurance cost over the next twelve months, putting more pressure on consumers to protect their vehicles while on the road.
Following the compilation of the latest market index by the AA, 2015 is set to be an expensive year for motorists throughout the United Kingdom as the annual costs for car insurance have risen by at least 0.2 per cent in the last year. The final three months of 2014 saw the average cost of comprehensive insurance drift up to £540, an increase that does not bode well for road users.
The competitiveness of the industry has apparently had the adverse effect on overall charges. Janet Connor, the managing director of AA Insurance, has said that despite the competition, the “underlying trend is upward”. After falling for three consecutive years after reaching record highs in 2011, it appears that the final two quarters of 2014 were the turning point in the price change.
As policies take an upturn towards premium prices once again, there is a growing concern that standards may slip by companies that do not take their clients’ concerns seriously. A spokesperson for Click4Gap, market leaders in gap insurance policies in the United Kingdom, has released a statement following the BBC report:
“As the average car insurance policy increases in price throughout 2015, it is becoming more and more apparent to road users that they must ensure they pick the right one to receive the best value and the greatest protection. This is especially the case for owners of new cars – we are all aware of the depreciation of value that cars suffer once they leave the forecourt, so drivers need to provide a sufficient level of protection to their car at all times.
“Here at Click4Gap, we believe that the driver should come first and the protection of the vehicle should be paramount. With this price increase, the small print included in each policy is going to be put under further scrutiny – fortunately, our complete transparency means that policy owners with us can ensure their gap insurance meets all their requirements before they get behind the wheel next.”
Click4Gap is a UK based firm and online provider focused providing flexible insurance products to their consumers. As well as being FCA regulated the company is also a member of the Financial Ombudsman service (FOS) and the Financial Services Compensation Scheme (FSCS).
This press release was distributed by ResponseSource Press Release Wire on behalf of Click4Gap in the following categories: Motoring, Business & Finance, Transport & Logistics, for more information visit https://pressreleasewire.responsesource.com/about.