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Car insurance hits a record high

Car insurance premiums are set to hit a record high next month after the rise in Insurance Premium Tax takes effect, new research shows. According to comparethemarket.com, the average car insurance policy is expected to reach 800 next month following an increase in Insurance Premium Tax from 10% to 12%.

The most common reasons that individuals are labeled as high-risk drivers include serious violations such as driving under the influence, causing a hit-and-run accident, acquiring a ton of speeding tickets or failing to purchase car insurance before getting behind the wheel.

How to Compare Car insurance companies car insurance is a pretty significant purchase if you own a vehicle. Not only are there state laws which define mandatory car insurance requirements but without the right type of car insurance you are exposed to great personal liability in a car accident.

Your car insurance provider retains the right to cancel your policy at any time, but this is usually only done when policyholders prove they are a high risk by filing multiple claims, especially for risky driving behaviors such as DUI. Your car insurance company will notify you if it plans to cancel your policy. What is an insurance deductible?

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Just how much does car insurance go up after an accident? The increase depends on many factors. Insurers once followed the Insurance Services Office’s (ISO) standard of increasing a premium by 20 to 40 percent of the insurer’s base rate after an accident. However, Giancola says that’s no longer the case.

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Car insurance becomes a little bit trickier with a bad record and by trickier, we mean more expensive. It can also be tough to find an insurance carrier willing to insure you depending on how bad your bad driving record is really.

Car insurance premiums are expected to hit a record high in 2018 with average prices expected to reach 900. Currently drivers are paying 827 on average, according to Confused.com’s latest car insurance price index (Q4 2017), powered by Willis Towers Watson, which is an increase of eight per cent since 2016 – around 60 more.

Car Insurance rate factors. find out about the many factors used by insurers to determine your car insurance rate including car accidents, tickets, where you live, marital status, the type of car you drive, your occupation, and more.