Car owners in the UK are finding themselves put under increasing financial pressure when funding their vehicles due to rising premiums, according to new figures.
Research by personal finance provider Sainsbury's Bank reveals that the average policy has increased by as much as five per cent.
Figures from the firm's
car insurance index reveal that the average premium in December 2007 was £497.26 - 5.24 per cent higher than at the same time in 2006.
Although premiums rose across the board, those aged between 40 and 50 saw the greatest increase with prices soaring by seven per cent - suggesting that the need to shop around for good policies is not restricted to the young.
Perhaps surprisingly this was greater than the hike felt by the under-25s, whose average premium went up by 6.59 per cent.
Joanne Mallon, Sainsbury's
car insurance manager said: "
Car insurance premiums continue to rise which makes it all the more important for motorists to shop around for competitive insurance"
Commenting on the data, price comparison firm uSwitch stated that those intending to buy a new car should review their
car insurance policy first to avoid "nasty surprises".
InsureandGo's
car insurance service searches over 38 providers in the UK market to find the most suitable cover options.