Car insurance comparison site Tiger.co.uk has urged drivers who are receiving their insurance renewal notices not to simply accept the rates on offer, even if they are at last year's prices. Following the release of the site's "Tiger Watch" price monitor data for July, Andrew Goulborn, Tiger.co.uk's Commercial Director, advised drivers to shop around at renewal
"Even if renewal rates are at the same price as last year's prices we urge motorists to shop around to benchmark their renewal premium against other insurers. Our Tiger Watch data suggests that rates are down around 5% compared to rates of a year ago in what is a very competitive market. With about £1 billion spent in the UK on car insurance each month, this equates to a potential £50 million of savings for British motorists in July alone!".
"However, we would always advise our site users to consider the levels of cover provided by their policy as well as the premium in order to ensure that a genuine like-for-like comparison is being made. We've invested a lot of time and effort to make sure that comparing policy details is as easy and as clear as possible on Tiger.co.uk".
The Tiger Watch data also shows continued volatility in young drivers car insurance premiums, with prices for young males continuing to drop whilst prices for 20 year old female drivers have increased year-on-year by up to 28% - a result of the December 2012 EU Gender Directive
continuing to take effect.
Compared to rates recorded in June 2013, prices are down approximately 3% and are at the same levels as those recorded in the third quarter of 2010, as competition between insurance providers continues to keep the lid on UK premium pricing.