Insurance Premiums Reach an All-time High

Recent statistics released by The Association of British Insurers (ABI) found that the average insurance premiums of drivers over 21 has increased by 8%.Insurance Premiums Reach an All-time High

Despite these increases in premiums for drivers over 21, rather unusually rates for drivers under 21 appear to have fallen by 2.3%.

This may be due to Factors such as the black box which has become popular amongst young drivers, providing an average discount of £300.

The black box measures the driver’s speed, acceleration, braking, time of driving, and corner taking. These safe driving parameters provide an indication on how safely the motorist drives.

The insurance group which will see the highest increase are motorists in their late 50s. With an increase of 13% to their insurance premiums. A recent Telegraph report found that drivers in their late 50s and 60s have become more of a risk.

The ABI raised concerns that a new Government tax known as the “Standard Insurance Premium Tax” may drive insurance prices up even further at the beginning of 2018.

With the cost of premiums on the rise. It has become important for drivers to accumulate a no-claims bonus (NCB), with a no-claim bonus providing the driver with a greater discount to their insurance premiums.

It’s essential that a driver takes moderate steps to keep their car in working order, without hindering their future no claims bonus and insurance premiums. Taking key steps such as regular servicing can save you time and money in the long run.

 

How we can help you today…

Rather than claiming on your car insurance and damaging your no claims bonus, we offer an alternative that could save you hundreds. MB Services are specialists in car repairs, with the most common repairs being brakes, clutches, tyres, exhausts, suspension repairs and timing belt renewal.

Contact MB Services today to help you get safely back on the road.

 

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