Car insurance price index reveals dramatic drops in costs -insurers sweeten the deal for young male drivers
Average cost of comprehensive car insurance – £678, decrease of 14. 9% yr-on-yr comprehensive car insurance premiums fell 30. 7% for males aged 17-20 17-20 yr previous females see a yr-on-yr increase of 6. 2% most expensive comprehensive car insurance premium in inner london – £1, 110 average price distinction between men and girls is currently just £27.
The most recent confused. com/towers watson car insurance price index reveals the average quoted comprehensive premium for 17-20 year previous males has fallen by a staggering 30. 7% across the uk in the last 12 months. this happens to be the biggest yr-on-yr decrease the index has ever reported during this cluster, seeing them currently pay on average £2, 493 for the comprehensive insurance.
When many years of soaring will increase, car insurance costs have fallen dramatically. the average comprehensive car insurance price currently stands at £678 as of q2 2013, compared with £797 now last year, a yr-on-yr decrease of £119 ( -14. 9% ). for third party fireplace and theft cover, average premiums for q2 stood at £1, 109, showing reductions of 3. 5% yr-on-yr with reductions of 5. 2% quarter on quarter.
In the past 12 months, 17-20 year previous males have seen their comprehensive car insurance premiums fall considerably by £1, 103, falling from an average of £3, 596 to actually £2, 493. in stark distinction, females aged 17-20 are classified as the just population to view a yr-on-yr increase in comprehensive car insurance premiums, seeing a rise of 6. 2%, paying an average of £1, 995. this compares with £1, 878 now last year, representing a rise of £117.
Young female motorists have traditionally enjoyed a lot of lower car insurance premiums than their male counterparts, as a result of the very fact they will were statistically less doubtless in order to make a claim. but below the eu gender directive, that took impact on december 21st 2012, insurers are not able to actually use gender just like a issue when pricing insurance.
Despite being subject to actually hikes in car insurance premiums with the begin of the year, girls still enjoy lower costs overall than men, though the gap between genders will seem that should be decreasing.
Actually, this price gap has reduced dramatically in the years ; nowadays 17-20 year previous males are paying £498 on average a little over girls for the comprehensive car insurance in q2, 2013. this compares with the largest distinction seen in q1 2011 where men aged 17-20 paid £1, 787 a lot of on average for the car insurance than girls ( £3, 798 compared to actually £2, 011 ).
Despite costs plummeting, 17-20 year previous drivers within the whole uk are still being quoted average comprehensive car insurance premiums of £2, 173, paying a little over 3 times the average insurance premium ( £678 ).
Men vs. girls – removing age due to equation
In q2 2013, men have enjoyed an 18. 4% decrease compared using this time last year, paying on average £690 for insurance. girls experienced a less impactful drop in premiums, with the use of a decrease of 10% in the same era. just like a results of these price changes, the distinction between men and women’s car insurance premiums on average currently stands at simply £27.
This may be a huge distinction to actually price differences seen now last year, when men were paying £110 a little over their female counterparts on average for the car insurance ( £846 compared to actually £736 ).
How the image appearance regionally
The confused. com/ towers watson price index too reveals that each one regional areas are seeing a major decrease. the largest yr-on-yr decreases in insurance premiums in q2, 2013 might well be seen in scotland, the north west and therefore the north east. even areas among the massive cities like london, manchester & merseyside are seeing decreases of a little over 15%.
Regionally, possibly the most expensive comprehensive car insurance premiums are currently in inner london, in which the average cost stands at £1, a hundred and ten. this can be closely followed by premium costs in manchester/ merseyside, outer london and therefore the west midlands where motorists will expect to repay in excess of £850 on average.
In distinction, north east & east scotland enjoys the bottom comprehensive car insurance premiums paying on average £457.
At the exact opposite finish as to the spectrum men aged 17-20 in manchester/ merseyside areas have enjoyed significant price decreases of 32. 7% on average. but, whereas insurance premiums proceed to fall involving this population they will are still left facing huge costs of up to actually £3, 656 in inner london for the insurance premium.
Within the whole scottish highlands region male drivers aged 17-20 are quoted a less important £1, 878. however they will are still paying £1, 200 a little over the average cost of comprehensive car insurance ( £678 ).
Gemma stanbury, head of car insurance at confused. com says :
“It will just be welcome news that the second quarter of 2013 has brought car insurance premium reductions across the board. actually now we have seen a 15% decrease in comprehensive insurance premium, which means cheaper costs all spherical for british drivers.
“There has continuously been a transparent distinction between the price of car insurance for men vs. girls. however following the eu gender ruling the gap is virtually diminished with the use of a price distinction of just £27, compared to your distinction of £132 simply a year ago.
“Unlike previous years younger drivers are not being singled out with price rises and are too enjoying dramatic price drops. in q4 2010, 17-20 year previous male drivers saw year on year comprehensive price hikes of 40. 6%, in distinction to actually q2, 2013 that sees them drop by a staggering 30. 7%.
“We would recommend to actually all drivers to bring advantage of them latest price drops if they will are able to actually renew and not just settle for their renewal price, like the insurance market is highly competitive and could amendment fast. like the research shows, among 3 months, the average comprehensive car insurance premium has fallen by a major £58.
“At confused. com, now we have a little over 130 insurance providers competing for customers. therefore for those those drivers which have been impacted by these price movements and realize themselves eligible for cheaper premiums, it is certainly worth looking around for a whole new policy that may save them a considerable number of cash. ”
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