Car insurance premiums continue downwards trend
Average quoted car insurance premiums fell by 1.1% in October, according to the Consumer Intelligence Car Insurance Price Index.
It found that 57% of quotes were under £750, with nearly a quarter priced between £500 and £750.
This follows a two per cent decline in average premiums between July and September, according to the Association of British Insurers.
Drivers aged 25 to 49 experienced a modest 0.5% decrease in premiums over the past year, while those over 50 enjoyed a 9.1% reduction. But despite the overall downwards trajectory, drivers under the age of 25 have seen their premiums rise by 12.2% during the year. Only 21% of drivers in this age group were offered policed under £750 compared to 78% of over-50s.
Drivers in Scotland also saw a rise in premiums, up 1.5% in the last quarter and 3.9% in the last 12 months.
Max Thompson, insurance insight manager at Consumer Intelligence, said:
“Scotland saw an increase in competitive premiums despite the announcement that the Personal Injury Discount Rate would move from -0.75% to +0.5% which should lower the cost of large injury claims and, in turn, premiums. A review into the rate is underway in England and Wales and should be completed in January at the latest.”
