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Motor insurance premiums drop - but not for all

Article by Simon Christopher
Posted: 14/10/2011 - Last updated: -
Rating: 1.00 1.00 (1 votes)

The average cost of a comprehensive motor insurance policy has dropped slightly over the past three months. But the long-term pattern is still steep rises, with the extra cost paid by young drivers rocketing.

Research for the Watson Car Insurance Price Index
showed that between July and September, average comprehensive costs dropped by 1.6%. However, across the past year, prices are up by £92 to £843, a 12.3% rise. Insurers insist they aren't making huge profits and that the price rises are driven by the growing costs of settling personal injury claims.

Counter-intuitively third-party, fire and theft policies average significantly more at £1,155. That's likely to be because many people taking out such policies are classed as high risk and would pay even more if they had comprehensive policies.

Male drivers aged 17-20 now pay an average £3,878 for insurance, compared to just £1,006 for men as a whole. The gap is narrower among women: 17-20s pay £2,063 compared to an overall average of £907.

Worrying a separate survey found that one in five young drivers has considered driving without insurance in response to the high costs.

PLEASE NOTE: News items are intended for information only and should not be relied upon when making insurance decisions. Due to their nature, some of the information in news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

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