Car Insurance Premiums Drop 8% in May
UK drivers whose car insurance is up for renewal in the near future should be looking at much lower premiums than they paid a year ago, according to comparison site Tiger.co.uk. Each month the site looks at a wide range of car insurance quotes to create Tiger Watch, the UK's most up to date insurance price monitor. Tiger Watch provides motorists and industry observers with a monthly snapshot of trends in policy premiums.
The May 2104 results show that premiums have dropped around 8.3% compared with those seen in May last year, with the price drop having the biggest effect on younger motorists - especially younger male drivers.
Looking at the data on a monthly basis, Tiger Watch showed a 5.9% drop compared with premiums seen in April 2014, indicating a continued softening in market rates.
Commenting on the May Tiger Watch figures, Andrew Goulborn, Tiger.co.uk's Commercial Director, said: "We are seeing a continued fall in car insurance prices, with premiums over 8% lower than they were in last year's Tiger Watch data. Younger drivers in particular are benefiting from the softer insurance market - we are seeing drops of over 10% in prices for both our 20 year old profiles of both genders. All drivers with renewals approaching should make sure they check out their renewal premium using a good comparison site before renewing with their existing insurer."