We do like to let our readers know when there is something positive to inform them about the car insurance industry. The comparison website confused.com with the help of Towers Watson produce their car insurance price index which makes interesting reading. In fact, it will bring a big smile to the faces of many motorists.
The figures reveal that the average price for comprehensive car insurance has dropped once more which is great news. For the second quarter of 2014 the average price for comprehensive car insurance dropped to £579 per annum. When you compare this with the average price for this level of car insurance for the second quarter of 2013 when it was £678 per annum this reveals a substantial fall over the 12 month period of £99 per annum which is 15%.
We are sure that you will agree this is a significant reduction and one that should be welcomed by policyholders. Of course, this does not mean that people should become complacent when it comes to arranging their car insurance. You really should shop around for the most competitively priced cover that meets your requirements. A very good way of doing this is to use a price comparison website.
Young motorists are the ones who tend to cringe the most when they are getting quotes for car insurance but of course they are more likely to be involved in car accidents. However, the above price index shows that a 17-year-old driver has seen their premiums drop by an average of 32%. When you consider that their premiums are often into a four-figure sum this is a huge reduction. The average premium for fully comprehensive car insurance for a 17 year old in the second quarter of 2014 is £1,997 per annum. Interestingly a 25 year old would pay £833 per annum and a 55-year-old £428 per annum so you can see the impact of age.
Let us hope that this trend continues.