Cost Of Car Insurance Forecast To Rise As Lockdown Eases
Anton Hilton • July 5, 2020
As lockdown eases this month, more people will resume commuting to their workplace rather than working from home, as has been the case for many of us over the past few months. With more drivers on the roads, insurance premiums are forecast to rise for up to 10 million people.
As lockdown eases this month, more people will resume commuting to their workplace rather than working from home, as has been the case for many of us over the past few months. With more drivers on the roads, insurance premiums are forecast to rise for up to 10 million people.
Recent data from a comparison website has estimated 10.5 million drivers could soon see an increase in their car insurance as some 61% of drivers expect to commute by car when they return to work – almost double the level compared to pre-coronavirus. With government advice encouraging those of us who can avoid public transport to do so in order to reduce the possibility of virus transmission.
For some, this will mean adding an element onto their car insurance policies – for example, those whose cover is for the standard ‘social, domestic and pleasure’ will have to add ‘commuting’ in order to be insured during their journey to work and back.
The extra volume of cars on the roads will result in the overall risk of accidents rising also, and insurers account for this into their policies – hence the potential for insurance price rises.
Dan Hutson, head of motor insurance at comparethemarket.com, says: “Motor premiums, which have fallen recently, could be about to jump once more. More drivers will need to adapt their policies to include cover for commuting and insurers may increase their prices in anticipation of more cars, and more crashes, on the road.”
If you would like to discuss your car insurance cover and whether you have the appropriate cover, please do not hesitate to contact us.
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