Alongside increasing fuel and food prices, car insurance premiums too are about to rise within a year. It is because ambulance chasers and booming fraud drive up costs. A rise by a surprising 40% has been in the amount of car insurance premiums. It is the biggest annual rise after 1994.

The increase has raised the average cost of car insurance policies with full coverage by adding £255 to the total annual premiums. The rise is supposed to go up 20% by the end of this year. It will make driving unaffordable for the retirees in particular.

Increasing fraud and personal injury claims are driving the cost of car insurance policies in the UK. Many retirees dream of buying new cars with their life-long savings. But the amount that they have saved during the years of their service or professional life falls short of what is required for paying car insurance premiums.

55 years old homeowners who are worried about the increasing car insurance costs are taking interest in various equity release plans. Only property equity release can help them make their dream of cars come true.