Insurance
Car insurance price falls stall
The insurance data analytics expert warns that premiums are set to start accelerating again as rising claims costs and Brexit uncertainty put the brakes on premium cuts.
Prices fell 0.2 per cent in the year to June to an average premium of £809, but the past three months have seen increases of 1.4 per cent across the market.
Drivers aged over 50 have seen an overall increase of 1.8 per cent in the past 12 months with an average premium of £408, whilst the 25 to 50 age group has seen a slightly smaller increase of 0.6 per cent with an average premium of £720.
Drivers aged under 25 have benefitted from the largest premium reductions. This demographic has seen a price drop of 5.9 per cent in the past 12 months, although young people still attract the largest premiums (an average of £1,734).
Almost two-thirds (63 per cent) of the top five cheapest quotes for under-25s are now provided by telematics providers. This figure is up 2 per cent over the past 12 months.
John Blevins, Consumer Intelligence pricing expert, said: “The market has experienced some tough times and regulation changes – such as the Insurance Premium Tax and Ogden discount rate changes, to name a couple over recent years – have forced premium increases.
“Looking ahead, despite the recent hiatus, there’s nothing to suggest the general direction of upward travel will change.”
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