Matt Oliver, spokesperson for GoCompare Car Insurance, said: “The reason for this dip in the first quarter reflects the seasonal trends we see for insurance premiums, as there is generally more demand and therefore competition, for car insurance around March, when new car registrations are released.
“Even though we’re seeing a three month low for premiums, they are still at an all-time high, with the average premium up 3% on the same quarter last year, which equates to £14 on an annual premium.
“It’s important people are remembering to shop around to compare policies, even if their renewal quote seems an attractive prospect, they could still be saving hundreds by switching provider and taking out a new policy.
“Something which could also save people money, is not leaving it until the last minute to shop around and secure a good deal. On average, car insurance is around 12%, or £76 cheaper if bought a week before its start date, so it’s crucial people are keeping this in mind to secure a lower premium.”
For further information please contact:
Anders Nilsson or Martyn John at GoCompare on 01633 654 054 / 01633 654 725
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to Editors:
Example insight: 89% of people would get a cheaper price if they bought their car insurance a week before their renewal date vs. on the day. On average, a saving of £76 could be made.
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).