Car Insurance Premiums to Rise
Norwich Union ups its prices, others expected to follow
31st August 2006
UK drivers are expecting their insurance costs to go up following the announcement of Norwich Union that they are to raise their premiums.
Norwich Union are the largest general insurer in the country, and one of the largest motor insurers, and its expected that other cover providers will follow their lead.
NU will raise its prices by an average of 16%, although higher risk customers such as young men may see their premiums upped by 40%.
The insurer says that a rise in claim costs over the last two years has forced their hand, a view backed by the Association of British Insurers who said that costs of personal injury claims were rising fast, along with costs incurred through uninsured drivers.
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