UK car insurance premiums down by a quarter

Car insurance prices have dropped by almost a quarter since their peak in 2011, according to a new report.

The Car Insurance Price Index has revealed that, since the second quarter of that year, premiums have decreased by 24 per cent.

Over four million quotes are used to compile the Index, which claims to be the most comprehensive of its kind in the UK.

On average, a comprehensive car insurance policy now costs £652 – which is a drop of 13.9 per cent year-on-year, or £105.

The company’s head of car insurance Gemma Stanbury said: “Falling car insurance premiums are welcome news for motorists who may well be feeling the pinch as a result of rising rates of inflation.”

Older motorists aged within the 40 to 60 bracket were the biggest winners when it came to falling prices, while 17 to 20 year-old men are also now being charged less than they will have done at the start of 2007.

However, it appears as though young women are the demographic most likely to have lost out – with females in Northern Ireland experiencing price hikes of 14.8 per cent.

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