The widespread flooding that hit the UK earlier this year leaving death and destruction in its wake has yet to impact upon the price of car insurance policies, it has been claimed.
Credit reference agency Experian revealed that the average cost of a comprehensive car insurance policy in the UK currently stands at £567.30 in the third quarter of 2007. This is just 0.8 per cent higher than the second-quarter figure.
However, the company believes that future rises in car insurance premiums could be installed, once companies have the opportunity to fully assess the dent left in their finances and the increase in risk factors.
David Murby, the managing director of Experian’s Insurance Service division, commented: “The true impact of the floods is likely to manifest itself in insurance premiums over the next few months in the direct market once claims have been settled and insurers have been able to assess the real impact.”
Elsewhere the Department for Environment, Food and Rural Affairs has thanked the home insurance and car insurance industry for its efforts in helping the UK to recover from the recent flooding .
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