Motor premiums down 9.1% but still double 2013’s average
Motor premiums have fallen 9.1% in the past 12 months despite remaining flat in the last quarter.
However, the average motor insurance policy still costs more than twice as much as in October 2013.
According to Consumer Intelligence’s latest Car Insurance Price Index the average quoted premium in October was £1,210 compared to £1,365 in the same month last year.
Younger drivers saw the most modest decreases, with premiums down 2.9% annually and actually rising 3.6% in the past three months.
Drivers over 50 saw prices come down by 11.9% in the last year while those aged 25-49 saw a 9.1% fall in the year.
Meanwhile, the data also found that 29% of drivers received a quote between £250 and £499 and 24% were quoted between £500 and £749. For under 25s, nearly 42% were offered a quote for less than £1,000 in October, up from 36% a year ago.
Regionally, drivers in Wales have enjoyed the greatest reductions at 16.2% over the last 12 months, followed by Eastern regions (13.1%) and the West Midlands (12.2%). However, average premiums in Scotland have only fallen four per cent while in London the decrease has been even lower at just 1.7%.
