Auto Insurance Rates Soaring Overseas

If you think consumers have it bad here in the US, think again. Automobile insurance companies in the United Kingdom have drastically increased insurance premiums by over 25% over the past two years and plan to increase them again in 2010. In 2009, Admiral Insurance Company, one of the biggest insurance companies in the United Kingdom, increased premiums by 12% and they plan to increase it this year again by at least he same amount. More data reveals that not only has automobile insurance increased significantly over the years in the UK, but home insurance has as well. Admiral has been blaming the insurance increases on higher pay outs, the increase in lawyers adapting to the no-win no-pay policy, and even said that when rates were the lowest, it was more work to keep up with all the new insurance policies, so they increased the price so it would be about the same as their competitors. Estimates show that insurance premiums could go up by £100 ($152 USD) in the early part of 2010 alone. Enraged policy holders complain that not only has automobile insurance rates increased but so have the taxes on the automobiles that they drive. Admiral Insurance Company operates Bell Insurance, an insurance company for male drivers, Diamond Insurance, an insurance company for female drivers, Gladiator Insurance, an insurance company for commercial vehicles and commercial drivers, and Elephant.co.uk, an online insurance policy company. The rates from Admiral Insurance will affect insurance rates in the United Kingdom, Canada, France, Germany, Italy, India, and Spain, all countries where the insurance company is based. Some policy holders are demanding a national boycott of the insurance system saying that they have no good politicians and insurance companies and that it is time to teach them a lesson. For more information about the rate increase, take a look at Admiral Insurance Company’s website.