An analysis by price comparison website MoneySuperMarket showed that, overall, motor insurance premiums dropped 13% from £553 to £483 over the period. The biggest decline, down 18% from £516 previously, was in Chelmsford. If you want to get your hands on the lowest-priced policy though, you might want to move to the Isle of Man, where the cost is at £285 on average.
“In 2017, insurers hiked prices significantly to provide larger payouts to victims of accidents after the way that personal injury compensation payments were calculated. However, after a government U-turn, these rises have been steadily put into reverse.”
However, the now-lower premiums are apparently higher compared to five years ago. According to MoneySuperMarket’s data, average premiums have increased 17% from £411 in the third quarter of 2013.
“It’s a much better picture for drivers than this time last year, but that doesn’t mean you should rest on your laurels and stick with your current insurer when their premium comes up for renewal,” commented Flack. “There’s never been a better time to review your motor insurance policy and see if you could be getting a better deal.
“Most insurers usually save their best prices for new customers, so those who switch could make annual savings of up to £276. That’s at least the next four tanks worth of petrol.”
Article is care of www.insurancebusinessmag.com
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