The average cost of comprehensive car insurance is 19 per cent lower than last year, according to Confused.com.
A recent review of car insurance premiums from the price comparison site shows annual comprehensive policies over Q1 of 2014 dropping to £596 on average - falling below the £600 mark for the first time in five years.
The 19 per cent discount equates to around £140 over the course of 12 months and is said to be evidence of insurance brokers becoming more competitive in the midst of a spike in new vehicle registrations.
Theactuary.com says that while comprehensive policy holders have seen a highest return, the average third-party fire and theft decreased by a similar amount - down 18 per cent to hit £959.
Confused.com claims this reduction is being seen by all motorists, with men and women across all age groups benefiting from cheaper car insurance.
However, the study did highlight that Britain's youngest drivers are seeing the biggest drops in the cost of their car insurance, with the average premium for a 17-year-old decreasing by a staggering 39 per cent year on year.
Cited by belfasttelegraph.co.uk, the study also advised motorists to enjoy the discounts while they last, pointing out that premiums rarely decline for two years in a row.