Car Insurance - Prices Hold Steady
Every month the clever folk here at Tiger.co.uk look at hundreds and hundreds of different car insurance quotes to produce Tiger Watch – our very own car insurance price monitor. What this does is to provide a snapshot of prices across a bundle of different driver profiles. It’s useful for us so that we can try and understand what’s happening in the insurance market, and it could be useful to you as it gives at least a broad idea of what kind of car insurance quotes you might expect when you’re shopping around.
The figures over the last 18 months have made pretty grim reading for drivers, with annual inflation often running at 30%+. However, the numbers for July and August bring better news. In July we saw a monthly drop of about 5% in car insurance pricing and this was supported by a relatively low 0.3% increase in August. Annual inflation has now dropped from the dizzying heights of 2010 and early 2011. In July this figure was just over 17% and in August year-on-year inflation was 10.5%. Still double the current rate of RPI, but heading in the right direction.
Why the return to relative stability in the market? Quite simply, more insurers are chasing your business and in the age-old supply and demand equation that means that there’s lower pricing in the market.
As ever life isn’t as simple as it seems at first glance and there are winners and losers within these headline statistics. The driver profiles that saw the highest annual inflation in August were 25-year old and 45-year old men – we estimate that they saw a 24% and 30% respective increase in their car insurance costs compared to a year ago. And good news for 35-year old female drivers! Their policies could actually be up to 9% LESS than they were a year ago.
What’s the moral of all this? Well there’s still a lot of volatility in the market and to make sure you get a decent deal then shop around using a car insurance comparison site like Tiger.co.uk – we’re completely independent, have over 130 motor insurance brands on offer and the site’s unique Easyfill™ quote form makes shopping around quick and painless.
Finally some news for Apple fans. For your chance to win an iPad2 just check out the Tiger Insurance Comparison page on Facebook!