’This year has seen the price of motor insurance increase alongside inflation,’ says chief executive
More consumers across the UK are actively searching for the lowest motor insurance quotes as prices continue to rise, according to new figures.
In a statement released today (29 August 2023), insurtech Zego revealed that motorists searching for ‘cheaper car insurance’ surged by 125% in the last 12 amid inflation pushing up the cost of premiums.
It came after the ABI revealed earlier this year (11 August 2023) that the average premium paid for private comprehensive motor insurance surged 21% year-on-year to £511, the highest level since records started 2012.
The association said the higher premiums reflected continued rising costs for insurers, which came as a result of increased inflation.
Zego chief executive Sten Saar said: “This year has seen the price of motor insurance increase alongside inflation.
”It doesn’t come as a massive surprise that the people of the UK are making such a big effort to get the best possible deal they can for their insurance.”
Cities
Zego obtained the figures from Google trends data, with the firm analysing searches from each city.
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According to the research, Blackburn topped the list of UK cities seeking cheaper car insurance, with a monthly average of 6,564 searches per 100,000 residents.
Close behind was Birmingham, with consumers looking for lower premiums 6,269 times a month on average per 100,000 people.
And in third place was Preston, with an average of 5,497 searches for cheaper car insurance each month per 100,000 people.
Preston’s top preferred searches for trying to lower car insurance costs included looking for dashcams or information about installing black boxes.
When the ABI published its figures earlier this month, Mervyn Skeet, director of general insurance policy at the ABI, said insurers “remain determined to ensure that motor insurance remains as competitively priced as possible”.
“We would urge anyone concerned about being able to afford their insurance to speak to their motor insurer to see what options might be available,” he added.
“Despite cost pressures, it can still pay to shop around to get the policy that best meets your needs at the most competitive price.”
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