The average annual premium is £711 — down £66 on a year ago, according to stats based on more than six million quotes.
Drivers urged to act as car insurance premiums tumble to three year low
Drivers have been urged to act after car insurance premiums dropped to their lowest level in almost three years. The average annual premium is £711 — down £66 on a year ago, according to stats based on more than six million quotes.
Experts say now is the time to shop around and lock in a deal before further rises hit. Price comparison website Confused.com was behind the research.
It said: “The biggest thing to consider is when you shop around. Leaving it until the last minute can in fact mean you pay more. Our data shows that 28 days is the ‘sweet spot’ for when drivers typically pay the least for their insurance.”
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Matt Crole-Rees, motoring expert at Confused.com, said: “Car insurance prices are at the lowest they’ve been for a while – but data also shows prices are creeping up for some drivers, and stalling for others. And this could mean price increases are on the horizon.
“This, alongside fuel and tax costs increasing this year, will mean more financial pressure for drivers. So any further savings you can make on your insurance now will be hugely beneficial in the long term.”
This is why, Mr Crole-Rees added, it is more important than ever to shop around to lock in the best price now, and ensure you are getting the best deal.
He said: “The biggest thing to consider is when you shop around. Leaving it until the last minute can in fact mean you pay more.
“Our data shows that 28 days is the ‘sweet spot’ for when drivers typically pay the least for their insurance.
“So being organised and getting it sorted early can pay off.” Younger drivers are seeing significant savings, according to data.
17-year-olds are now paying 23% less, equivalent to £517, compared to drivers of the same age 12 months ago, those in the know point out.
