UK car insurance news
05/08/2008
Rate hike warning from major car insurance company
Noted car insurance company Admiral has released a statement that its motor insurance premiums are to rise, according to financial website money.co.uk.
Despite a recent profit declaration showing that the company's net income has climbed noticeably over the past year, the company's spokesperson said that the credit crunch and a general downturn would make all car insurance rates likely to rise.
The spokesman declared that "In the first half of 2008, its premiums were three percent higher than a year ago - though this is about half the five to six percent increases [which were] more widely expected.
"Premiums have been virtually flat in the past five to six years as insurers have used more of their reserves to help keep a lid on prices," he added.
While he admitted that rising petrol prices and a downturn would mean people were less likely to drive their cars as much as previously, he said that this good news for insurers was not going to affect the premiums offered by Admiral's own brand, or its subsidiaries such as Elephant and the women's car insurance firm Diamond.
Good news for the firm's workers came in the statement that a portion of the car insurance company's profits this year were to be shared among its employees.
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