Tiger Watch – August 2013 Car Insurance Price Monitor
UK car insurance premiums are falling at their fastest recorded rate according to research compiled by car insurance comparison site Tiger.co.uk. The website's price monitor - Tiger Watch - has indicated a huge 9.8% drop in policy prices compared to rates seen in August 2012, bringing car insurance pricing down to its lowest level in more than three years.
Tiger Watch is the UK's most up to date market price monitor and is the result of the analysis of hundreds of car insurance quotes each month. The monitor also highlighted a significant month-on-month fall of 6% - the biggest single monthly rate decline ever recorded.
Tiger.co.uk's Commercial Director, Andrew Goulborn, provided further detail on the August 2013 Tiger Watch results: "The drops in pricing that we are seeing are very good news for UK drivers and are the result of recent crackdowns on insurance fraud and of better regulation of claims firms. This has been coupled with intense competition in the market. Younger male motorists are continuing to benefit from last December's EU Gender Directive, with prices dropping 19% and 23% for 20 and 25 year old male motorists respectively. Young women drivers fared less well, but prices for these drivers are at least more stable now, with little year-on-year movement".
With car insurance rates falling, however, motorists renewing their policies in the next few months were advised by Tiger.co.uk to still shop around to ensure that they benefit from the softer car insurance prices on the market: "Any driver receiving a renewal notice at last year's rates may be tempted to accept it without question. However, with prices dropping, most motorists in this situation can save money if they take a few minutes to compare car insurance premiums using a good comparison site like Tiger.co.uk".