The cost of buying car insurance has risen by a staggering 40% in the last year, with even bigger increases being registered for young drivers wishing to insure their own car or be added to their parent’s policy.
http://www.bbc.co.uk/news/uk-11521019
The above link shows one such customer, whose pride and joy (a Ford Fiesta) cost him just £700, but whose annual insurance premium is over £2,000. Suppliers are raising their prices and (in some cases) withdrawing from the market altogether for this “risky” group of customers. The article highlights how supply and demand curves interact in the real world!
Good luck with your car insurance....especially Ramez!
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