Auto Trader Insurance Market Insight Report

    TORONTO, ON, October 08, 2011 /24-7PressRelease/ -- In the last 12 months the UK insurance market found average comprehensive cover premiums up 42% recording the highest annual increase in premiums of up to 64% for drivers in the 17-24 age range.

From 2008 to 2009 the claims ratio for private motor business net claims were on a steep rise going from 84% to 98% contributing to the largest underwriting loss on record of GBP1.5 billion - with some insurers passing on major rate increases throughout 2010.

Consumer behaviour research shows that almost 50% of internet users have used a comparison site to compare car prices and obtain quotes or to arrange car insurance. The report also found that 70% of internet users would prefer to buy car insurance online. Auto trader also provides car reviews and listings for used and new cars.

The key reasons for the increase in premiums are:
- Three in ten auto insurance policyholders switched providers on renewal
- Research illustrates woman policyholders are more likely than men to switch insurers
- 67% of Auto Trader's users are under the age of 45 with under 45's the most likely to have moved between insurers at their last renewal
- and recent research indicate that the chance of consumers switching insurance providers reduces with age,

Premiums appear to be continuing on an upward trend for 2011, although not as steeply as they have in the 3 previous years. Several insurers will likely withdraw from direct insurance products with many takeovers and mergers likely to take place.

Visit the website at www.autotrader.co.uk.

Autotrader.co.uk is the UK's no 1 motoring website, with over 10.3 million monthly unique users, who carry out over 106 million searches on new and used vehicles*. The brand is building a competitive position across all effective channels including online, mobile and magazine. (*Source: Auto Trader Audit, January 2009).

Autotrader.co.uk is owned by Trader Media Group, one of Europe's largest specialist multi-media groups and provider of market leading websites and their associated magazines, including Top Marques, Bike Trader, Truck & Plant Trader, Ad Trader, Motorhome and Caravan Trader, Farmers Trader - all with the largest reach in their sectors, through web visitors and magazine readership.

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