Car insurance: 'Floods have not increased prices'

Wednesday, 03 October 2007

Flooding in the UK in June has yet to fully have an impact on motor insurance premiums, according to new figures released by Experian.

The organisation stated that the average quote for overall cover in quarter three was just 0.8 per cent more than the second quarter.

However, there was a rise in the average premium rate in the broker market, the company suggested, from £495 in June to £538 in July (for comprehensive cover).

Managing director of Experian's insurance service division David Murby stated that there may be more of an impact on the car insurance industry from the adverse weather in the future.

"The true impact of the floods is likely to manifest itself in insurance premiums over the next few months in the direct market once claims have been settled and insurers have been able to assess the real impact. The broker market is likely to follow suit," he commented.

Confused.com recently stated that people's jobs have a bearing on the level of car insurance they will pay, with footballers handing out the most.
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