Car Insurance Price Fall In 2013
The price of car insurance fell by more than 6% in December, which brought some seasonal cheer to Britain's drivers. Furthermore, over the course of 2013, it was estimated that premiums fell by 2.5% according to figures produced by car insurance comparison site Tiger.co.uk.
Tiger Watch is a car insurance price monitor which is published monthly by Tiger.co.uk. It is based on thousands of car insurance quotes and it gives UK motorists the most up to date snapshot of trends in car insurance pricing.
The latest monitor, based on figures from December 2013, shows that prices fell by around 6.5% compared with the prices published in November 2013 and 6.1% when compared with premiums from 12 months ago. These falls in price have been mainly driven by the continued drops in insurance prices for younger male motorists, with significant double digit declines for 20 and 25 year old men.
In contrast, the market is still seeing a rise in premiums for younger female drivers as a result of the December 2012 EU Gender Directive which banned the use of gender as a car insurance pricing factor.
Tiger Watch data across all of 2013 provides good news to UK motorists, with average insurance premiums falling by 2.55%. This, combined with a 3.25% fall in prices across 2012, has helped to balance the huge levels of car insurance inflation that were seen in 2010 and 2011.
Commenting on the figures Andrew Goulborn, the Commercial Director of Tiger.co.uk, said: "In general we have seen prices falling over 2013 but with significant gender bias, for younger drivers in particular. Because of these fluctuations we do still recommend that drivers compare car insurance quotes when it comes to renewal time using a reliable comparison site such as Tiger.co.uk".