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Car insurance prices dropped for the first time in three years

Apr 16, 2018

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By Kate Brown

Car insurance - Knowles Warwick

Research conducted for car insurance comparison website Confused.com suggests prices have dropped by 2% (approximately £13) in the last year. Behind the drop in prices is thought to be the reform to the law on whiplash and a review into how compensation is paid for long-term injuries.

Whilst the law forbids insurers to set different car insurance premiums based on gender, women generally pay a lower cost. According to confused.com research, female drivers typically pay £95 less than male drivers. However, this can be due to the fact that on average women drive smaller, less expensive cars than men and have fewer higher-value accident claims.

Figures from the research also showed that the number of female car owners has risen sharply. Since 2007, a 21% increase to 11.8 million in the number of cars registered to women has been observed. Whereas there has been a 10% rise to 17.8 million in the number of cars registered to men.

A representative from Confused.com, Amanda Stretton, said: “finally drivers have had some good news with the end of rising car insurance costs in sight … however, it is clear that many motorists are not seeing these savings reflected in their renewal letters, so it is more important than ever to shop around if they want to get a better deal”.

 

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