Auto insurance costs fell slightly in Q1, finds Confused.com

16 April, 2018, 21:26 | Author: Regina Silva
  • Car insurance costs down but drivers don't see any savings

A 2% drop compared to the first quarter of 2017, this year's decrease is said to be the first annual reduction since 2015.

The Ogden rate is a formula used to calculate compensation for accidents, and a new rate proposed by the government a year ago sparked outrage among insurers and threats of huge premium increases.

CEO Louise O'Shea said: "Finally drivers have had some good news with the end of rising vehicle insurance costs in sight".

Aside from analysis of the market, Confused also faced another problem: lower prices surely means people need to do less shopping around and - this is where it gets awkward - less scouting of comparison sites?

Men are still paying more than women - £95 more a year - although that difference is lower than £114 a year ago, according to the auto cover index, which is based on data from nearly six million customer quotes per quarter. But Confused.com says insurers are not passing on the savings.

European Union gender rules stop insurers from assess drivers based on their gender, but there are other risk factors which cause men to have higher premiums. "More than one in three motorists did this previous year, overpaying on their insurance by £600m as a result".

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According to the Index, which is based on price data compiled from nearly six million customer quotes per quarter, the first three months of 2018 saw prices fall by 7% (£59), which is the largest quarterly reduction in premiums seen in four years. However, they are only paying £543 - significantly less than the national average.

Meanwhile, those aged between 61 and 65 enjoy the lowest prices, with the typical policy costing just £363.

According to comparison site Confused.com, the average premium in the first three months of 2018 was £768, down by 2%, or £13, on the same period previous year.

In Scotland, premiums are also still increasing, with motorists in the Scottish Borders area suffering the largest increase (6%) since previous year.

Outside of Scotland, motorists living in Central and North Wales saw the second biggest price rise, with premiums up by £10, or 2 per cent, to £629.

While drivers living within Inner London are enjoying these cost decreases, they are the only motorists who can expect to pay over £1,000 for vehicle insurance, on average. After years of tax hikes and rising premiums, a third of drivers say vehicle insurance is becoming unaffordable.

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