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Car insurance premiums at highest ever level and still rising

Car insurance premiums at highest ever level and still risingThe average car insurance premium has almost doubled over the past 10 years according to The AA.

The latest AA British Insurance Premium Index shows that the average annual car insurance premium jumped by a massive 4.35% over the last quarter of 2006 to nearly £806, its highest ever level. The average third party, fire and theft premium rose again but only very slightly, to nearly £1,000.

Comprehensive car insurance premiums are now almost double the average quoted when the Index was launched in July 1994. The previous highest average quoted premium was £777.57, in January 2004.

Kevin Sinclair, managing director of AA Insurance said “Over the past three quarters, premiums have risen by nearly 6% and I believe this trend will continue.” He added that he expects third party, fire and theft insurance premiums will also continue their upward trend. “Young drivers account for a quarter of all road fatalities and are five times more likely to have an accident than a driver aged 35-plus. Premiums reflect this shocking record while many insurers will no longer cover young drivers.”

The AA Insurance Premium Index

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