Which? responds to the news that quoted motor insurance premiums ‘jump by 56.4% in year to February'
Rocio Concha, Which? Director of Policy and Advocacy, said:
"Soaring premiums will be no surprise to the many motorists who have been hit with eye-watering quotes recently. To add insult to injury, those who are unable to pay for cover all in one go annually, and therefore pay in monthly installments, face extra costs due to high amounts of interest on those repayments which can add hundreds of pounds to the overall price.
"The Financial Conduct Authority needs to take swift action to address this clear unfairness in the market. It should commit to publishing a league table, naming and shaming the best and worst offenders every six months - with tough action against firms that continue to charge unfair amounts of interest.
"There are some steps motorists can take to reduce their premiums. The first is to haggle. Do your research and look for quotes from other companies so that when you try to negotiate the price down with your current insurer, you have a good idea of what offers are out there. For younger drivers, adding a black box or an older named driver on the policy can also help to reduce costs - but make sure the person named as the 'main driver' (i.e. the person who most regularly uses the car) really is."
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Notes to Editors