Excellent first quarter results for the Admiral group have raised expectations for a record year through the rest of 2008.
Turnover for the car insurance provider was up by 14 percent in Q1 compared with the same time last year at GBP232 million. More excellent news came with the increase in customer numbers that was also recorded. Admiral saw the number of customers rise by 17 percent, a factor that leads them to consider the possibility of a record year.
The CEO from Admiral insurance said that they would keep delivering good results in spite of the difficult trading conditions they are dealing with. Car insurance is something that everyone needs and by being competitive they can win more market share.
It comes as little surprise to anyone that the young drivers on our roads today are being charged much more for their car insurance than their older counterparts. The differences though are considerable.
A study has been carried out by an independent body, looking at the typical premiums being paid to car insurance companies such as Swinton Insurance and others like them. The research has found a difference of 115 percent between the national average car insurance cost and that paid by young drivers. The average figure for the nation is GBP439, while young drivers are paying GBP989. This works out for the young driver at nearly 70 percent of their cars value.
Could this be the reason some young drivers go without insurance it has been asked. In fact some young drivers have even had insurance declined simply because of their age, though Swinton are not understood to be one of the insurers that has done this.
According to information coming from AA Insurance the usual Bank Holiday trips out are going to be curtailed somewhat this year due to the high cost of fuel.
A poll was carried out by AA Insurance from which it showed that 56 percent of drivers said they would not be heading out over the Bank Holiday weekend, with just under a quarter of those quoting petrol costs as the main reason. Compared with this time last year a litre of unleaded has gone up from 95.4 to 114.3 pence.
An AA Insurance representative commented that it was quite clear how people in the UK are feeling the squeeze and so are cutting down on car journeys, especially noticeable during a Bank Holiday weekend such as this.
