MILLIONS of Brits have been handed a financial lifeline after a major car insurance provider signalled the end of a trend of staggering price hikes.
The company is the first big brand to hit the brakes on the steady rise in insurance costs, which reached their highest levels on record last year.
GettyMillions of Brits can breathe a sigh of relief as Admiral signalled the end of car insurance price hikes[/caption]
Admiral serves around nine million customers across a variety of coverage areas and has provided policies on over four million cars.
Chief executive Milena Mondini de Focatiis told The Financial Times that the provider is now ready to halt the steady growth in rates, which have risen across the industry for seven years in a row.
Surging inflation and higher repair costs have been cited as key factors in the unrelenting price hikes.
With the former now at least coming back under control, Ms de Focatiis signalled that prices are finally ready to achieve some stability.
She said: “There was a lot to recover but I think we are in a very different situation now.
“We remain vigilant . . . but at this moment we are not increasing prices and we are very committed to trying to be competitive.”
The insurance boss even said that Admiral has factored a “small price decrease” into its rates in recent months in a bid to attract more customers.
She also urged other providers to “try to limit price increases” amid the cost of living crisis.
It comes after research from Confused.com found that Brits paid an average of 58% more for car insurance in 2023.
And the average price of a policy reached £995, the highest ever recorded.
However, a couple of small tweaks to your policy could see you save hundreds every year.
Personal finance guru Martin Lewis previously revealed the exact time to renew your insurance to get the best deal.
He also explained why you should never allow your cover to auto-renew – which one study found 10% of motorists still do.
Other changes, such as adding a named driver or changing your job title could have a significant impact on prices.
Just make sure that all the information you provide on your application is accurate or you could risk voiding your policy.
Eight tips to save money on your insurance
According to SheTalksCars
Buy in advance – 23 to 26 days before you need cover is the sweet spot
Add a named driver – even a learner can knock money off
Try different parking places – a garage isn’t always cheaper
Choose the right job title – make sure they are always accurate
Shop around – comparison websites are your friend
Pick a multi-car policy – share it with others in your household
Add your licence number
Pay annually rather than monthly – save yourself interest payments