Car Insurance Premiums Drop 6% In 2014
Car insurance comparison site Tiger.co.uk has released its final Tiger Watch price monitor figures for 2014, showing that, across the year, premiums have fallen by over 6% compared with those recorded in 2013.
Car insurance premiums in 2014 fell by some 6.1% compared to 2013 prices according to comparison site Tiger.co.uk. The decline in average premium prices follows drops of 2.6% and 3.2% in 2013 and 2012, decreases that have all but wiped out the massive inflation in car insurance prices that was seen across 2010 and 2011.
The December 2014 Tiger Watch report from the site shows that premiums fell by around 0.6% over the last month, with most driver profiles seeing falls in prices.
Commenting on the results, Andrew Goulborn, Tiger.co.uk's Commercial Director, said: "2014 has generally seen good news for UK motorists in terms of falling costs of driving. Added to the recent plummeting fuel prices, our Tiger Watch data shows that drivers have seen their car insurance premiums fall by over 6.1% in 2014 - resulting in significant savings for most motorists. And with rates having fallen now for the third consecutive year, prices in 2014 were just 3.1% higher than those we recorded in 2010. The 2014 price drops have been driven by a combination of intense market competition and by insurers taking into account the potential fall in claims costs as a result of changes in legislation.
However we would caution vigilance at renewal time for all drivers as we have, during the last 3 months of 2014, seen prices starting to increase for some of the profiles that we monitor. Indeed, year-on-year pricing in December was actually 0.7% up on the premiums we saw in the Tiger Watch data of December 2013. So it will pay motorists to always benchmark renewal prices using a comparison site like Tiger.co.uk".