Motor insurance news
13/06/2008
Rising fuel prices means cheap car insurance is crucial
The dire need for cheap car insurance is likely to be set high for the foreseeable future after financial experts warned that fuel prices are set to continue rising for eight years.
On May 21, oil prices reached a record high of $130 a barrel which translates to an average pump price of £1.13 a litre for unleaded fuel.
There are stark warnings that prices could rise to $200 a barrel and this, in turn, would see motorists forking almost £1.50 a litre for petrol.
AA representatives calculated the average price of fuel between mid-April and mid-May: diesel has risen by almost 7p to an average of 124.17p a litre. Since last week, diesel has gone up a massive 2.66p and petrol has risen 1.73p a litre.
An AA spokesperson said, "'What alarms us most is the stream of comments coming from the industry and producers saying that oil is overpriced - the finger of blame being pointed at market speculators.
"While huge profits are made in the financial centres, an increasing number of car owners are becoming desperate and businesses suffer from the hit on consumer spending."
A Hoot insurance spokesperson said, "At this expensive time we recognize it is essential to offer our customers the most competitive cheap car insurance rates that we can, which we believe we do. To find out how cheap we are, our online insurance quote service is available to use now."
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