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Motor insurance costs rising
12 February 2008
The cost of motor insurance has been accelerating, with an increase of 4.5 per cent noted by one website in the second half of last year.
Tracking the lowest available premium of £290 revealed that it remained stable during 2006 and the first six months of 2007 before shooting up to £303 in the latter half of the year, according to Richard Mason of the moneysupermarket web site.
He said that at different times, different providers had offered the cheapest premium, with the Post Office among the firms he mentioned.
The Post Office claims that its reputation as "one of the UK's most trusted brands" has helped it boost its sales of car insurance.
Financial services chief executive at the Post Office Patrick Waldron said: "With almost 1.4 million customers, we're one of the fastest-growing financial service providers in the UK."
As well as the easily recognisable name, Mr Waldron attributed the company's success in selling policies to the fact that its cover has "no hidden catches".
