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New drivers see significant car insurance drop

Date: 09/07/2014 03:17:48
Category: Insurance
Author: Laura Varley

The average cost of a car insurance policy for new 17-year-old drivers has dropped by almost a third, new data from Confused.com reveals.

On average, people are paying £579 for their car insurance, meaning drivers are forking out £99 less in comparison to Spring 2013. That means that in just a year, the cost of car insurance has decreased by 15 per cent, reports honestjohn.co.uk.

Just under three years ago, the average 17-year-old was paying £3,729 a year for their insurance, but this has now declined to £1,997 - an overall drop of 46 per cent. The price gap between male and female drivers is continuing to close, as it now stands at just £52 on average. Men, however, are still paying more than women.

In fact, young women between the ages of 17 and 20 have seen the biggest falls in their insurance costs, as they've enjoyed a 33 per cent drop, reports theguardian.com.

James Rakow, insurance partner at Deloitte, says car insurance premiums will likely rise over the next 12 months, following two years of price declines.

"The UK personal motor insurance industry returned to underwriting profitability in 2013 and reported some of the best figures since 2004," he states. "However, these figures were supported by the fact that insurers felt able to release claims reserves held at the previous year-end and this trend cannot go on indefinitely."

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