Economy

Auto insurance costs down but drivers don't see any savings

Auto insurance costs down but drivers don't see any savings”

If new vehicle insurance premiums figures are anything to go by, then it looks like it's good news all-round in the United Kingdom - with consumers seeing the first annual fall in prices in three years, as well as the cost of comprehensive cover dropping quarter-on-quarter among all regions and age groups.

According to comparison site Confused.com, the average premium in the first three months of 2018 was £768, down by 2%, or £13, on the same period previous year. However, women pay a lower cost in general owing to the fact that, on average, they drive smaller, less expensive cars than men and have fewer high-value accident claims.

Gender differences - men on average pay £95 more than women - persist despite an European Union directive forbidding insurers to assess drivers on their sex.

Confused.com also pointed out that, worryingly, 59% stayed with the same insurer rather than seeking out a better deal elsewhere. It is also changing the rate used to calculate how much insurers should pay for personal injuries.

"Being loyal doesn't always pay, so to get the message across to cost-burdened drivers, Confused.com is guaranteeing to beat the price insurers are charging at point of renewal".

Reforms to the law on whiplash and a review into how compensation is paid for long-term injuries were thought to be behind the drop.

This was the first full year of fall year of falling average premiums for three years, it said. In September past year, the government backtracked after the insurers said the new formula would overcompensate crash victims.

CEO Louise O'Shea said: "Finally drivers have had some good news with the end of rising vehicle insurance costs in sight".

Despite recent price drops, some drivers are facing more expensive vehicle insurance costs than others - in particular men.

Drivers who shopped around have seen their insurance costs fall by 2% - equivalent to £13.



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