These days you will often find yourself skimming through numerous insurance news articles only to discover inflating premiums a prevalent topic for scrutiny. There is now, for once, a pleasant turn of events with a recent study showing that comprehensive cover is down 7.1% in price in comparison to this time last year. The current average cost of comprehensive car insurance stands at £797 which is £61 pounds less than the figure given for the same time in 2011. Interestingly, despite pressure on the industry to stop discrimination by gender, men are paying on average over £110 more than women on premiums.
In spite of the fact that premiums are decreasing, depending on your age, gender and postcode area where you live – premiums can still be excessive. Take for example 17-20 year olds, whose comprehensive cover averages at £2,491 – but this figure can drastically increase if you are a resident of an area deemed high risk. For instance, if you live in Manchester/Merseyside and are a young male driver (17-20) you are looking at an average premium of £5,394.
Possibly due to recent EU legislation women are experiencing fewer cuts than males, which is a welcome change for young men but not so enjoyable for their female counterparts. This applies to young women in particular who have seen a 0.5% increase in premiums whereas young men have seen premiums fall by 1.1%. Whether this is an out of the ordinary decrease in premiums or is set to continue is anybody’s guess. It is far more likely that premiums have decreased due to the competitive nature between insurance companies as opposed to other factors such as a decrease in claims.
If you require car insurance or perhaps a why not try Think Insurance today for free friendly advice and a quick no hassle quote.