Vehicle insurance costs down but drivers don't see any savings

Postado Abril 16, 2018

However, women pay a lower cost in general owing to the fact that, on average, they drive smaller, less expensive cars than men and have fewer high-value accident claims.

It was found that vehicle insurance premiums are 2% cheaper now than they were this time past year, with motorists paying an average of £13 less for cover.

As for the different age groups, the largest quarterly cut (11%) was enjoyed by 27-year-old motorists, whose premiums now stand at £933.

That's because many motorists are not seeing their potential savings being reflected in their new yearly quote.

"Insurers seem to have softened prices as the government announces a review of the Ogden Rate discount, expected in April 2019, which could mean insurers pay out less when drivers make a claim", according to the executive summary of Confused.com's latest price index.

New research has revealed that customers who renew with the same insurer are not benefiting from savings, with premiums rising by, on average, £45.

Its auto insurance price index for the first quarter of 2018 revealed that prices have fallen by 7% - or £71 - in 12 months.

Amanda Stretton, motoring editor at the comparison website, said that there are no prizes for being blindly loyal to a particular insurer.

CEO Louise O'Shea said: "Finally drivers have had some good news with the end of rising auto insurance costs in sight". The government claimed that drivers would save as much as £35 per year on the cost of their policies.

"Being loyal doesn't always pay, so to get the message across to cost-burdened drivers, Confused.com is guaranteeing to beat the price insurers are charging at point of renewal". This compares with a 10% rise in the number of cars registered to men, to 17.8 million.

Meanwhile, female drivers aged between 61 and 65 are paying the least - less than half the national average - at £363.