Whilst we’re told that car insurance prices are dropping for the first time in three years, new research suggests that 70% of loyal customers aren’t benefiting from these savings. According to comparison website Confused.com, car insurance costs an average of £768 and is £13 cheaper than 12 months ago, based on their price index including more than six million UK quotes a quarter.
As ever, some drivers are facing more expensive insurance than others. In general, men pay £95 more than women despite Gender Equality legislation because many tend to drive more expensive cars with larger engines, make higher-value claims and have more motoring convictions than women.
As far as age is concerned, 68 year olds will groan as their premiums rise by £40 (+8%) since last year, paying £543 per annum compared to 21 year olds whose increase was £38 (+2%) paying £1,621.
But 18 year olds are paying the most for car insurance, an average of £2,114.
Based on the latest accident statistics, male drivers aged 17-20 are paying £2,348 on average, compared to £1,699 for females in this age group. And female drivers aged between 61 and 65 are paying the least of all and less than half the national average, with a bill of some £363.
We hope this price review gives readers an idea of the motor premium they should be paying. Clearly it makes sense to use a comparison website service at renewal time and, as ever, exceptions apply.
Remember that Club members can register for a price and insurance cover comparison check with FOXY Lady Insurance at renewal time. We recommend you do this in plenty of time when our insurance broker, Cornmarket Insurance Services, will provide their excellent personal service to carry out this check for you.