Car insurance prices ‘have fallen 10.3% in past year’

A report by Tower Watson and price comparison site has found that car insurance premiums dropped an average of 5.1% in the UK over the last quarter, meaning that rates have fallen by a total of 10.3% since September 2011.

The drop is the biggest since the index began five years ago. Duncan Anderson of  Towers Watson, said: ‘Despite this being the fifth successive quarter of flat or falling rates for comprehensive cover, I think the current scale of the annual and quarterly decreases will – and probably should – cause some pause for thought in the insurance industry.’

The survey also found that the largest decrease in rates was seen by young female drivers, suggesting that insurers are attempting to minimise the impact of the future price increases that will affect many women once the new legislation regarding gender pricing comes into effect on December 21st.

“We hear a lot in the media about high insurance premiums, particularly with the price increases scheduled for women drivers, so it is interesting to see that prices have actually fallen over the past 12 months,” comments Dr Geraldine Kaye of GAAPS Actuarial.

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