That’s according to the Confused.com car insurance price index, which is based on around six million quotes and is claimed by Confused.com to be the most comprehensive of its kind.
The latest index shows that the average car insurance policy now costs £768, whereas a year ago it was £781. It is still relatively high, however. Two years ago the figure was £671 and a decade ago it was £507.
What’s driving the change? Experts believe that changes to the way whiplash claims are calculated and paid, plus a reduction of the Odgen Rate discount (the formula which determines how much money insurance companies should pay out to people who have suffered life-changing injuries) expected in April next year, have lead to a softening of prices.
Not all motorists are paying less for their car insurance though – especially those who stay loyal to their current insurer and renew without shopping around. Confused.com’s figures show that motorists who renewed with the same company between January and March this year actually saw their premium increase by an average of £45.
Men also continue to pay more than women, by £95 on average although in the previous quarter the gap was £114. This is due mainly to the fact that they tend to have more motoring convictions than women and tend to drive larger cars which cost more to repair.
The most expensive age group for car insurance is men aged between 17 and 20, who pay an average of £2,348. The least expensive is women aged between 61 and 65. They pay an average of £363.
Commenting on the latest set of figures, the CEO of Confused.com, Louise O’Shea , said: “Finally drivers have had some good news, with the end of rising car insurance costs in sight. However, it’s clear that many motorists are not seeing these savings reflected in their renewal letters, so it’s more important than ever to shop around for a better deal.”
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