As per the analysis done by Confused.com Price Index; the premium rates of motor insurance showed a strong rise in the third quarter of 2010.
During the year 2009 the cost of complete car insurance has increased by 37.5%. The average premium cost is now £650. The premium rates for young drivers have risen by £616 over the same period. The car owners who bought fire and theft coverage for their cars have seen an increase of 11.7% in the last quarter of 2010 and an overall rise of 54.2% since October 2009.
The increasing premium rates have hit the young drivers the most. The hikes are going up day by day and they are feeling the heat of it. Some males also feel that females pay less premiums for the insurances. But as per the statistics and the data analyzed it is proven that the cost of damage in accidents is less in case of women. They are more cautious while driving and follow the basic rules like wearing the seat belt, adhering by the speed limits, not drinking and driving etc well than males. They are careful and thus pay less premiums. The rise in the premiums will affect the females but the burnt will be borne more by the males.
The increasing premium rates may be a bad news for drivers but it also has a good motive to it. People will now drive their cars and be extra cautious. The careless attitude towards driving raises the risks of accidents and thus the increasing premium rates are no surprise. The only solution to limit this rise is the right attitude of drivers.
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ReplyDeleteThe hikes are going up day by day and they are feeling the heat of it.