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Car insurance premiums down nine per cent, insurer claims

Date: 14/08/2014 02:10:56
Category: Insurance
Author: Graeme Parton

The average comprehensive car insurance premium showed a year-on-year decline of nine per cent for the first half of 2014, new figures show.

In its latest report, insurance firm Admiral also claimed that its customer numbers have also risen nine per cent for the year, with a profit growth of one per cent between January and June, sky.com reports.

Insurance costs have been falling since the end of 2012, largely because of measures introduced by the government to curb cases of whiplash fraud. The Competition and Markets Authority (CMA) is also proposing a cap on vehicle replacement costs, which are thought to total £180 million per year.

Admiral, however, claims the rate of decline is beginning to slow. The firm's chief executive, Henry Engelhardt, was quoted by ft.com as saying: "In the UK there are some signs that premiums are no longer falling but we have yet to see firm evidence of an inflection point and a return to premium growth.

"Admiral's premium rates have been pretty flat over the first half of the year, though as a result of the reductions in 2013."

Earlier this year, the AA reported a 16.6 per cent drop in the costs of comprehensive cover in 2013, with the average price standing at £531 at the end of the year.

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