Car Insurance Premiums Fall Again
Most UK drivers renewing their car insurance policies in September will see that premiums have fallen around 5.5% compared to rates a year ago, according to the latest research from Tiger.co.uk.
With car insurance being a significant annual expense for drivers, news from comparison site Tiger.co.uk that premiums in September are down some 5.5% year-on-year will be warmly welcomed. The site analyses hundreds of car insurance quotes each month across a range of driver profiles in order to produce its monthly Tiger Watch monitor. The monitor provides the UK's most up-to-date snapshot of car insurance prices and helps UK motorists to benchmark their renewal prices.
The Tiger Watch results for September show that the hardening of rates that the market experienced in August has not been maintained, with prices dropping 5.2% month-to-month. This market volatility, coupled with significant variations in pricing trends by gender and age, provides a reminder to motorists of the need to continue to shop around for the very best car insurance deals.
Commenting on the fall in September prices, Tiger.co.uk's Andrew Goulborn said: "Our Tiger Watch graph neatly illustrates that, whilst rates have fallen annually, there is a lot of volatility in the market from month-to-month. We are still expecting a hardening of rates towards the end of 2014 as insurers look to improve their profitability which is fairly marginal at best at present.
The overall average trend masks some significant variance in premium trends for different driver profiles. September's Tiger Watch data, for example, was good news for young female drivers who saw double-digit drops in rates; but bad news for our 35 year-old male driver profile, where we saw prices rising by over 20%.
So regardless of the renewal rate received from your existing insurer, always take a few minutes to benchmark the price to make sure that any market movements are being accurately reflected".