The latest ABI Motor Insurance Premium Tracker shows that the premiums paid by motorists have fallen in the last quarter. However, as GoCompare points out, they remain at historically high levels.
Matt Oliver of GoCompare Car Insurance comments: “The ABI figures are good news for drivers, but the problem of high car insurance premiums hasn’t gone away. The average motorist is still paying around £80 more for their insurance than they were back in 2014.1.
“The truth is that premiums rose sharply for three years to the end of 2017 and we are only now starting to see a slight adjustment. Therefore, most drivers are still paying very high prices for their car insurance.
“The drop is likely to be the result of insurers pricing in potential savings from new rules to kerb whiplash claims, which could cut the average insurance premium by £35 a year. But this may be an isolated reduction, if further action isn’t taken to tackle other inflationary pressures in the market and the impact of the ‘compensation culture’ in general.
“Drivers have been very focused on shopping around in recent years to try and beat the price rises dished out by their insurers at renewal, and the danger now is that they will see ‘car insurance premiums falling’ headlines and take their eye off the ball.
“Insurers don’t just hand out savings to existing customers, you usually have to switch to a new provider to get the best deals. Therefore, it is as important as ever now not to simply accept your next renewal quote and shop-around to see which insurers are prepared to give you a better price for the cover you need.”
For more information and tips on how to reduce your car insurance premium: https://www.gocompare.com/car-insurance/
For further information please contact:
Anders Nilsson or Louisa Marsden at GoCompare on 01633 654 054 / 01633 655 132
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors
- Taken from the ABI’s own Motor Insurance Premium Tracker data.
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).