With what would appear to be ever increasing prices for fuel on forecourts here in the UK, the motorist really does need some good news. Well, you may be interested to read that some recent research has revealed that the average cost of car insurance has reduced significantly.
According to Consumer Intelligence, the average premium for car insurance has fallen by 9.1% in the space of twelve months to a figure of £766 per annum. We are sure that motorists will agree the above is no small percentage.
Apparently, it is motorists under the age of 25 who have seen the biggest drop in premiums. They have seen motor insurance premiums fall by an average of 15.4% to £1,608 per annum. That will equate to a significant reduction in monetary terms. Of course, a premium of this magnitude is still a sizeable sum for young motorists to have to find each year. If they have had to buy their car on finance then the cost of running a vehicle is a significant amount.
Motorists who are over the age of 50 have seen premiums drop by an average of 6.8% in the space of 12 months with their average premium being £392 per annum – a much lower figure.
Motorists in London are, on average, paying more to insure their cars than anywhere else in the UK with an average premium of £1,150 per annum. Motorists in Scotland are, on average, paying less than anywhere else in the UK with an average premium of £510 per annum.
One of the reasons why premiums have fallen is due to telematics cover as there are more companies providing this type of cover that is also known as black box insurance and this type of cover can be quite competitive when compared with normal car insurance. Initially, telematics cover was brought out to appeal to the young motorist who tends to pay more for their cover than the more mature driver as indicated by the above figures but older motorists are now looking into this type of cover to reduce the cost of insuring their vehicles.
If you are either looking for car insurance for the first time or your existing cover is coming up for renewal then you may wish to shop around to try to get a competitive quote. One way to do this is to use one or more of the price comparison websites online or you could, for instance, pop into your local high street insurance broker for a quote if they have an extensive panel of insurers to choose from.