Insurance Founder

Car insurance levels among young people are set to increase considerably over the coming year according to Sainsbury’s supermarket. The news comes after a number of years where car insurance demand has decreased among young people who have been putting off getting a car until the financial climate recovers.

An increase of around 50% has been predicted by the supermarket over the next 3-5 months and this trend is set to continue well into next year. Current trending stats and historical data has been used in the study, as well as car sales data. The soon to be increased VAT levels in the UK is one reason that has been put forward for the increase. Young drivers are very keen to sort out their policies before the VAT increase kicks in as it could see their premiums increase considerably.

Off the back of these new predictions, there is also speculation that a recover of the loans market could follow as more drivers take out loans to purchase new vehicles. This knock on effect has been seen in parts of America and Mexico, where increases in car insurance applications (aplique seguro de automovil) have been followed by an increase in cash loan requests (prestamos en efectivo).

A sense of celebration has been felt my some in the financial markets and history teaches us that positive movements such as the one in the car insurance market are frequently followed by more mainstream financial improvements. We have heard this news before however after consumer spending showed an increase earlier this year and we were told that the end of the recession was in sight. However, after the increase failed to grow beyond very modest levels, most experts reevaluated their predictions and begun leaning towards a “double dip” recession model.

Regardless of the situation over the coming months, the advice is still to apply now for solicitar credito as they say in Mexico, as VAT is only set to increase

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