Premiums 'could rise in 2010'

Wed 23 Dec 2009 - Published in Home Insurance

Next year will see large and small insurance providers struggle over price, it has been suggested.

Making predictions for 2010, moneysupermarket.com insurance expert Steve Sweeney claimed that premiums will be the main issue for both firms and customers.

"Insurance companies will try and push premiums up in 2010, however, the arrival of smaller, less well-known insurers should keep prices down," he explained.

Mr Sweeney also said that a rising number of home insurance claims for theft, accidental damage and flooding will cause the product's premiums to increase.

The expert added that premiums for travel insurance could remain relatively flat in 2010, as the recession will cause more people to book late deals - which have lower cancellation rates.

He also stressed the importance of shopping around for the best insurance deals and reminded customers to always read the small print of their cover.

Recently, Post Office Car Insurance warned motorists not to risk their safety by cutting back on vehicle maintenance.

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