Average car insurance premiums fall to £713
Average car insurance premiums have fallen by three per cent in the last year from £735 to £713.
The latest car insurance price index from Confused.com also revealed that average premiums are now 17% lower than two years ago.
In terms of age groups, 17-year-olds are paying an average of £1,755 for their car insurance, which is 13% (£253) cheaper than a 12 months ago, while average premiums for 18-year-olds have fallen by 11% (£259) to £2,083 and average premiums for 19-year-olds are recorded at £1,853.
At the other end of the age bracket, 70-year-olds are now paying £411 for their car insurance, which is five per cent (£20) more than a year ago.
Meanwhile, a survey of 2,000 drivers found that 51% had be hit by higher renewals in the last three months while just 19% were quoted lower premiums.
Matt Crole-Rees, motoring expert, said: “When you receive your car insurance renewal price, it’s easy to think that’s the best price you’re getting. But that’s not necessarily the case.
“It’s also worth remembering that your circumstances might change from year-to-year. You may need a different level of cover, or to change some details, and this won’t be accounted for in the renewal price you receive.
“Shopping around early is key and can mean you save 53% compared to buying on the day your policy renews. Also, if you might benefit from sharing the driving with someone from time to time, adding them to your policy as a named driver not only offers better protection, but can save money too.”
