Car insurance premiums increase by 0.8%

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Motor insurance premiums in the UK's direct market have increased by 0.8 per cent in the third quarter of the year, according to new research.

The study by information solutions company Experian also found that the average premium cost for third party, fire and theft cover stands at about £640 – its highest point since July 2005.

Discussing the findings, the managing director of Experian's insurance service division David Murby said it was unlikely that the floods experienced across the UK in June had affected the increases.

He explained: "The broker market tends to react slower than the direct market to events such as flooding, so the increases we are seeing now are highly likely to have been pending prior to the floods.”

Areas including Gloucestershire, Oxfordshire, Berkshire and Yorkshire were all affected by floods earlier this year.

The extreme weather meant many people had to be ferried to safety by the RAF and the RNLI, while many people were left without clean water supplies.

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