Car Insurance Price Drop - Tiger Watch June 2015
The cost of car insurance dropped in June, particularly for younger motorists, according to the latest data from Tiger.co.uk. The comparison site reported a 5.4% year-on-year drop in premiums recorded over the month, with drivers under 25 seeing double-digit price drops.
The June data however, released as part of the site's monthly Tiger Watch price monitor, masks a general upward trend in car insurance pricing. Across the last three months, premiums have increased by over 1.2% and, compared with the same three month period in 2014, rates are up some 3.7%, well ahead of the general rate of inflation.
Commenting on the latest Tiger Watch data, Andrew Goulborn, Tiger.co.uk's Commercial Director, highlighted the need for motorists to shop around at renewal time in order to get the best rates: "We are seeing quite high levels of volatility in car insurance pricing at the moment, with particular regard to the variance in changes in pricing by age. For example, this June our younger driver profiles may have seen their premiums reducing by up to 20% whereas for older drivers - 35 year olds for example - we saw rates increasing by up to 18% compared to a year ago. That's why we would always recommend that all policyholders at least benchmark their renewal offer from their existing insurer using a comparison site like Tiger.co.uk. Running a quote only takes a few minutes and we regularly see motorists saving hundreds of pounds on their premiums".