House Insurance Quotation

Mr Money: Car insurance mayhem

The best way to measure prices charged for cover today against previous years accurately is to refer to the AA-compiled British Insurance Premium Index. The latest (third quarter, 2011) version proved elusive, but I now have a copy. Its over-optimistic headline screams of prices falling, rather than rising – but if the motoring majority believes that, it’ll believe anything.

In fairness, the more revealing and educational “market summary” section clearly states that the “average premium” for comprehensive cover rose from £1,249.71 in October 2010 to £1,449.85 in October 2011, an increase of 16pc. But it gets worse because, comparing like with like, third party, fire and theft (TPFT) cover rose from £1,246.41 to £1,513.03 over the same period, a 21.4pc increase.

Apart from demonstrating that prices are not falling but are rising steeply year on year, the index also proves that anther motoring milestone – the £1,500 (average) insurance policy – has been reached.

The AA also admits that in 1994 comprehensive cover was typically £384.50 per year and has since risen by 288pc. But if drivers who opt for this high level of cover feel hard done by, they should spare a thought for TPFT customers. They paid an average £333.39 for their policies in 1994, but have seen the price rocket by 354pc.

In view of the fact that, traditionally, this sort of basic cover was the only way that less well-off or occasional drivers (students, the low-paid, retirees, etc) could afford to drive, it’s scandalous that it has become so expensive. Why does TPFT cover now costs more than superior comprehensive insurance?

According to the AA’s market summary for price comparison websites, these are the worst offenders when it comes to the soaring price of TPFT policies. This time last year they were typically charging £909.02 for annual cover. Since then, the AA Index says they’ve shot up to £1,280.87 – an increase of 41pc.

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Home insurance quote

Written by home insurance

home insurance quote

Get your best home insurance quote

If you just bought a house, condominium or townhouse and are looking for a good home insurance, you must know where to find the best home insurance quote you could possibly get. As you probably know, there are many places to get a home insurance quote - on the Internet, with a quote machine that will give you quotes for several companies on the phone or at a meeting face- to-face with an insurance agent. But which way is the best way? It really all depends on how you use the tools available to you. Here are some good ideas to get you thinking.

Internet QuotesBest For: Speed and Variety

You can get an online insurance quote from many insurance providers in a matter of half an hour, and you can do it from the comfort of your own home. You can get these quotes from individual insurance companies or from a quote generator that will give you quotes from several insurance companies at once. The best part about this is that it allows you to see lots of quotes in a short amount of time.

On the other hand, dealing with a company solely online may not give you a good idea of that company’s style of customer service. While you may find a company with a flashy website and a rock bottom price, you might come to find out when your basement floods that the company is really awful to work with. So, one word of caution when working with an internet home insurance quote: be sure you know more about the company than what they choose to tell you on their website.

Phone QuotesBest For: More Accuracy and a Feel for the Company

Calling individual insurance companies over the phone can take more time than looking up a home insurance quote online, but it can be worthwhile. Calling an insurance agent or customer service representative can give you a better, more accurate quote because he or she will be able to give you a good idea of discounts or even things you might be able to add to your home that would knock some money off your insurance premium.

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