Tiger.co.uk, a leading independent car insurance comparison site, has released its October 2012 “Tiger Watch” results. Tiger Watch is a monthly price car insurance price monitor that provides an accurate snapshot of the very latest movements in UK policy pricing. The study has been produced for almost three years and provides the most up to date insight into car insurance premiums.
The October figures provide good news for the UK’s hard-pressed drivers, showing an average drop of 3% in prices compared to one month ago and showing a 2.7% reduction in premiums when compared with October 2011. This takes prices to a two-year low.
The data shows a significant drop in prices over the last 6 months - down over 8% since a 2012 high in May. Tiger Watch also monitors pricing by gender and reveals that male drivers are faring better than women motorists. Average policy prices for men are some 11.5% below those recorded six months ago, whilst women saw their prices drop on average just 4.6%.
Commenting on the data, Tiger.co.uk’s Commercial Director, Andrew Goulborn, said: “It’s great to be able to report a further reduction in premiums to their lowest level in over two years. However we always see variances within our Tiger Watch data and this month is no exception. We are seeing year-on-year price increases for those looking for young drivers car insurance, with our 20 year old male profile having an increases of more than 5.1%. The female driver cohort of the same age has also seen a 3.7% increase in rates compared to those of a year ago. Older drivers are benefitting most, with 11-12% drops in prices recorded for our male and female 45 and 55 year old profiles. We would of course encourage all drivers to ensure they are getting the right policy at the right price by taking 5 minutes to compare car insurance
from up to 90+ brands on our independent insurance comparison site, Tiger.co.uk”.