Auto insurance premiums fall for third quarter in a row

Cornelia Mascio
Aprile 16, 2018

If new vehicle insurance premiums figures are anything to go by, then it looks like it's good news all-round in the United Kingdom - with consumers seeing the first annual fall in prices in three years, as well as the cost of comprehensive cover dropping quarter-on-quarter among all regions and age groups.

Our bills are, however, £167 above the United Kingdom average, according to the latest quarterly analysis by price comparison website It said prices peaked in the last quarter of 2017 but have since fallen 7%.

The average auto insurance policy is now £768 - up from a low of £499 in 2008. The average male driver aged 17 to 20 pays £2,348 on average, compared with £1,699 paid by women of the same age.

Insurers are forbidden by law to set different auto insurance premiums exclusively based on gender. also pointed out that, worryingly, 59% stayed with the same insurer rather than seeking out a better deal elsewhere.

"The Government has also announced a reform to the way whiplash claims are calculated and paid, which may have also had an impact". "Insurers seem to have softened prices as the government announces a review of the Ogden rate discount, expected in April 2019, which could mean insurers pay out less when a claim is made".

Research reveals prices now lower than a year ago.

"Being loyal doesn't always pay, so to get the message across to cost-burdened drivers, is guaranteeing to beat the price insurers are charging at point of renewal". In September a year ago, the government backtracked after the insurers said the new formula would overcompensate crash victims.

Meanwhile, the government last month announced measures to curb the high number of whiplash claims that cost United Kingdom drivers more than £1bn a year.

Typically insurance costs local drivers £935 - but they are being warned to go over their renewal letters carefully.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE