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Average insurance prices down 15 per cent

Published 09 July 2014

The average cost of a car insurance policy in 2014 is down 15 per cent on 2013 – with an even larger reduction of 32 per cent year-on-year for 17-year-old new drivers. The average cost of an insurance policy in the UK in Spring 2014 was £579, down by £99 on Spring 2013.

Gemma Stanbury, Head of Car Insurance at Confused.com said: “...it’s younger drivers who are the real winners, with 17 year olds seeing their comprehensive car insurance premiums fall by nearly half since their peak just under three years ago, dropping a staggering 46% from £3,729 to £1,997”

There is still a gap between insurance prices for male and female drivers, but it has reduced to £52 on average, with males still paying slightly more. Motorists have benefitted from reductions in premium cost regardless of age or region, according to the Confused.com price index.

London is the only region where insurance costs rose over the past year.

Insurance prices hit their peak in Spring 2011, when the average price of a policy was £858 per year. Since then prices have steadily dropped and are now nearly a third lower, however Confused.com warns drivers not to expect this decline to continue dropping at the same rate.

Inner London continues to have the highest insurance costs, with the average policy costing £946. London is the only region where insurance costs rose over the past year, by two per cent. Close behind is Manchester, where the average policy costs £808 – a figure down 19 per cent on 2013.  

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