Monday, 23 July, 2018

Auto insurance costs down but drivers don't see any savings

Car insurance costs fell slightly in Q1 finds Car insurance costs fell slightly in Q1 finds
Russell Knight | 16 April, 2018, 21:24

According to the Confused.com Car Insurance Price Index, produced in association with Willis Towers Watson, UK motorists now pay £768 on average as premiums continue to decline. On a quarterly basis, the 7% fall is recorded as the steepest in four years.

While drivers living within Inner London are enjoying these cost decreases, they are the only motorists who can expect to pay over £1,000 for auto insurance, on average.

The average male driver between 17 and 20 pays on average £2,348 per year, compared to just £1,699 for women of the same age. Meanwhile tagged as the most expensive location for motor insurance was East London at £1,360 on average; cheapest was Dorchester, at £533. Overall, men pay approximately £95 more than women. But Confused.com says insurers are not passing on the savings.

Costs for insurers have eased off after the government reformed laws to crackdown on whiplash claims.

"Insurers seem to have softened prices as the government announces a review of the Ogden Rate discount, expected in April 2019, which could mean insurers pay out less when drivers make a claim", according to the executive summary of Confused.com's latest price index.

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Unveiling a new civil liability bill in March, the Minister of Justice said it would set a fixed amount of compensation for whiplash claims and require medical evidence before such claims can be settled.

The Ogden rate is a formula used to calculate compensation for accidents, and a new rate proposed by the government previous year sparked outrage among insurers and threats of huge premium increases.

Freddy Macnamara, CEO and founder of pay-as-you-go vehicle insurer, Cuvva, said: "Drivers finally have some good news, with the government's turnaround on the discount rate rules at last trickling down to annual premium pricing".

According to the Index, which is based on price data compiled from nearly six million customer quotes per quarter, the first three months of 2018 saw prices fall by 7% (£59), which is the largest quarterly reduction in premiums seen in four years.

Motorists in Scotland have also seen their cover rise in price over the past year, by an average of £32, or 6 per cent, bringing the total to £579. "More than one in three motorists did this past year, overpaying on their insurance by £600m as a result".

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