Gocompare speak on insurance increase

Gocompare.com has commented on the latest AA British Insurance Premium Index which shows a 5.2% increase over the last quarter to 30th June 2015. Accordinig to Gocompare rising premiums and the insurance premium tax (IPT) increase should be a wake-up call to complacent drivers

Matt Oliver, car insurance spokesperson for Gocompare.com, commented on the latest AA Premium Index:

‘For the last couple of years, car insurance premium indices, such as the AA’s, have reported that premiums have been falling. This may have lulled some drivers into a false sense that they’d benefit from lower premiums if they just sat tight with their existing insurer. Unfortunately, the intense competition between insurers was reflected in the premiums they offered new customers, not necessarily the renewal premiums they offered their existing customers. Those who’ve loyally stood by their insurer expecting premiums to come down, have almost certainly seen their premiums go in the opposite direction.’

He continued, ‘News that premiums are generally increasing, combined with the forthcoming rise in the rate of Insurance Premium Tax are a double whammy for motorists and they should provide a wake-up call to complacent drivers. When their insurance renewal notice drops through their letterbox, they shouldn’t let their policy automatically renew without first comparing quotes from other companies to ensure they’re getting the cover they need at the best price.’