Further Fall In UK Car Insurance Prices
Tiger.co.uk, one of the UK’s leading car insurance comparison sites, today released its monthly Tiger Watch results. Tiger Watch provides UK motorists with the most up to date snapshot of car insurance price trends through the analysis of hundreds of quotes every month.
The February 2012 data shows that prices have fallen slightly over the last month – by about 0.1%. This follows a 2.5% month-on-month drop in prices in January and continues a trend of relative market price stability over the last 8 months. The 18-month period prior to this had seen insurance premiums soar by an estimated 45%.
Andrew Goulborn, Tiger.co.uk’s Commercial Director, commented: “The February Tiger Watch data again shows that the very high levels of inflation of 2010 and the first part of 2011 have passed and stability seems to be returning to the car insurance market as competition amongst insurance providers returns. On an annualised basis, premiums have increased by about 2.7% - well below the current rate of inflation.
The averages we produce do of course mask more substantial differences in price trends across different gender and age profiles. Male drivers, for instance, have seen premiums rise more in the last 12 months than prices for women, whose prices have remained unchanged. However, in the last month we’ve seen that trend tip the other way and with the EU gender ruling coming into effect later this year, we will watch this with interest. The data also shows significant variances in pricing by age.
Our recommendation to all drivers is that whilst cheap car insurance is certainly hard to find, it almost always pays to shop around at car insurance renewal time – almost two-thirds of Tiger.co.uk shoppers claimed to have saved over £100 by doing so”.