Car Insurance Premiums Fall Again

Research by Confused.com the price comparison website has revealed another drop in car insurance premiums which is good news for drivers.

921217 crashed car Car Insurance Premiums Fall AgainThe car insurance index of Confused.com/Towers Watson reveals prices are dropping due to competition between car insurers.

The second quarter of 2012 saw an average drop of 7.1% in premiums for comprehensive car insurance now standing at £797. For the same quarter of 2011 the average cost was £858.

Males are paying an average of £110 extra for their car insurance than females.

It is young drivers in the 17 to 20 year age bracket that are still suffering financially paying an average of £2,491 for comprehensive car insurance. Interestingly women in the same age group have seen larger reductions in their premiums than men in the past year although during the second quarter of 2012 females age 17 to 20 saw comprehensive car insurance premiums increase by 0.5% but men saw theirs reduce by 1.1%.

Perhaps this is a reflection of the European gender directive as we draw nearer to its implementation date of December 2012.

Females in the 17 to 20 year age group get quoted an average of £1,878 per annum while men a staggering £3,596 per annum. There will be more than one factor that impacts on the difference such as the type of car men drive.

Where you live in the UK also has a big impact on premium levels.

Gareth Kloet is Confused.com’s head of car insurance who commented: “Competition between car insurance providers is currently very high, which means it’s a great time to get a deal on your car insurance.

“When it comes to men versus women, any gender differences have to be factored out of quotations after December this year and so other factors such as the type of car you drive and the distances you expect to cover will become more important in the quote process.”

In excess of four million car insurance quotations are taken into account when producing this data.