Car Insurance Pricing Still Dropping
Tiger Watch is produced each month by the research team at Tiger.co.uk and provides the most up to date snapshot of price movements in the UK car insurance industry. Since January 2010 the price monitor has looked at thousands of car insurance quotes across a range of age and gender profiles to produce its reports.
The April 2014 Tiger Watch results indicate that average car insurance premiums are some 4% lower than they were a year ago.
The data shows, however, a lower year-on-year decrease than that recorded last month, when an annual drop in prices of around 8% was measured. This perhaps indicates that car insurance premiums are beginning to harden once more.
Underneath the Tiger Watch headline figure there are differences by both gender and age that suggest that drivers whose insurance is nearing renewal should still shop around to ensure they get a good deal. Andrew Goulborn, Tiger.co.uk's Commercial Director, explains: "Tiger Watch looks at a number of specific driver profiles and monitors changes in car insurance premiums for each of them. We usually see quite significant variations in price movement by age and gender. In April, for example, whilst our overall headline rate shows a 4% drop in premiums, our 20 year old female driver profile actually saw prices drop by a 15%. And our 35 year old male profile dropped by 11%.
Of course this must mean that other motorist profiles showed increases in rates, with our 25 year old male and 45 year old female profile showing double-digit price increases. This volatility in pricing is the reason why we always recommend that all drivers shop around at renewal (using a great car insurance comparison site like Tiger.co.uk) to make sure that they get the best deal available on the market - even if the renewal rate on offer from an existing insurer appears to be close to or even below the current premium".Andrew