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29/04/2009
The average quoted car insurance premium rose in the first quarter of 2009, according to the latest figures.
The increase, recorded in the AA's British Insurance Premium Index, follows five successive years in which premiums fell during the first quarter.In the first three months of 2009, the average quote went up by 1.3%, taking the year-on-year increase to 11%.
The average quoted premium is now £751.60, while the Shoparound Index - which is considered to better represent the price customers pay - rose by nearly 1%, to £504.38.
The motoring organisation said that rising premiums were down to a range of factors, including fraud, theft, personal injury claims and legal expenses. It also highlighted recent figures from the Association of British Insurers (ABI), which suggest that each motorist pays £40 extra on their premium to offset the cost of insurance cheats.
Director of AA insurance Simon Douglas pointed out that premiums tend to fall in the first quarter due to competition between insurers, as buyers gear up for March's new registration prefix. He also warned that costs were likely to rise by a similar amount in 2009 as they did last year.
"The industry is facing escalating costs, falling investment income and underwriting losses," Douglas added.
"Premium rises are therefore inevitable."
According to the ABI, fraudulent claims rose by 17% in 2008 compared to the previous year, with fraud costing the industry £14 million each week.
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