Car Insurance Prices Drop In July
There’s been better news for Britain’s motorists in July. Our own “Tiger Watch” price monitor looks at hundreds of car insurance quotes each month and the results for July showed a 5% drop in car insurance prices when compared with June. This doesn't mean to say that anyone with insurance renewals coming up will be paying less than last year. Indeed the monitor showed that year-on-year inflation is still running at 17%.
So what’s the good news? Just that the massive (30%+) annual increases that we've been seeing over recent months are dropping and hopefully this will bring more stability to the market.
What’s caused the recent price drop? Quite simply it would appear that insurers are starting to chase business harder, resulting in more competition for your policy and therefore lower prices.
Of course these general statistics hide groups of winners and losers and it’s interesting to note that women drivers are currently facing the most volatility when it comes to car insurance inflation. Younger women drivers are suffering most at present – Tiger Watch showed that a 20 year-old woman will be paying 36% more in July than they were a year ago.
But a slightly older group of women is faring much better, with our data suggesting that a 35 year-old woman could actually be paying about 7% LESS than she was paying in July 2010.
So when it comes to the fairer sex, with age comes not just wisdom but also much lower car insurance inflation!
But whatever your age or gender it pays to shop around. So when your renewal letter pops through your letterbox do yourself a favour and run some quotes through Tiger.co.uk and make sure you’re getting a fair deal.