Consumers unaware of rising insurance costs

Thu, 23 Oct 2008

Consumers are not aware of how much insurance premiums have increased in recent years, says a comparison website .

Gocompare.com have made this assertion after assessing both petrol and insurance costs in recent times. According to the website, even though people know that there has been an increase in the cost of petrol in the past year, rises in insurance premiums of more than eight per cent a year for the past 14 years have "largely gone unnoticed".

Gocompare.com said: " Insurance providers don't generally go out of their way to point out how much our renewal premium has gone up." However, not all insurers are increasing their costs and consumers are advised to shop around for quotes .

In September, Gocompare.com advised consumers to be wary of a new price check service by Norwich Union . It said Norwich Union had "struggled to keep (its) premiums competitive" and said that "unfortunately for them, there's now nowhere to hide for their existing products". The website said the new scheme was not a comparison service.
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