Thursday, 09 December 2021

Car insurance costs hit seven-year low

THE average cost of car insurance has fallen by almost £100 to its lowest level in seven years, according to price comparison website Confused.com

With consumers currently facing price hikes across other household bills, including energy, there is some respite from car insurance prices.

Average premiums have fallen by £97 (equivalent to 16 per cent) in the last 12 months — the steepest drop since early 2014.

This is the fourth consecutive quarter where the cost of car insurance is significantly cheaper than the previous year, which could be attributed to the change in driving habits during the covid pandemic.

This is according to Confused.com’s latest Car Insurance Price Index, which tracked six million quotes over the last quarter and is the most comprehensive analysis of car insurance pricing in the UK, carried out in partnership with Willis Towers Watson.

However, some drivers are seeing greater savings than others.

This past quarter, male drivers have been able to save more money than women when shopping around.

The average cost of insurance for male drivers is now £549 — a fall of £103 compared to last year.

Meanwhile, female drivers are now paying £456 on average, following an £88 drop in prices.

However, both reductions represent a 16 per cent fall.

Motoring

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