Auto insurance cost fell 9.4% in August, analysis finds

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The average auto insurance premium plunged 9.4% over the year through August, according to the analysis.

The average car premium now stands at £ 751, with more than a quarter (27%) of the cheapest insurance quotes now coming from telematics companies, Consumer Intelligence said. This is the highest proportion since the start of data collection in 2013.

Telematics policies can help people access cheaper auto insurance policies by rewarding them for good driving.

The research examines the prices offered to thousands of people by price comparison websites and some direct insurers, including full and third-party coverage only, analyzing the top five prices for each person.

People under 25 (down 10.5%) lead the way with the largest annual decline, followed by motorists aged 25 to 49 (down 9.6%) and those over 50 (down of 8.2%).

Five countries or regions recorded double-digit premium declines – with the largest drops in the North East (13.2%), North West (10.7%) and London (10.4%).

Harriet Devonald, Insurance Pricing Expert at Consumer Intelligence, said: “Telematics policy uptake has historically been higher among younger drivers in an attempt to help them get on the road more cheaply, but even this group of age now makes greater use of technology. with 62% of the five cheapest quotes now telematics-based for people under 25.

Prices have fallen nearly 20% from the peak in September 2017, Consumer Intelligence said.

Drivers living in London (£ 1,265) continue to be the most expensive to insure, followed by those in the North West (£ 984) of England. South West England (£ 529) remains Britain’s cheapest region to buy car insurance, according to the report.

Here are the typical auto insurance premium declines over the 12 months through August and the average premium when looking at the five cheapest deals on offer, according to Consumer Intelligence:

– South East, minus 7.3%, £ 610

– Scotland, minus 8.0%, £ 565

– East Midlands, minus 8.3%, £ 554

– East England minus 8.7%, £ 606

– South West, minus 9.7%, £ 529

– West Midlands, minus 9.8%, £ 752

– Wales, minus 10.1%, £ 576

– Yorkshire and the Humber, minus 10.3%, £ 687

– London, 10.4% less, £ 1,265

– North West, minus 10.7%, £ 984

– North East, minus 13.2%, £ 770


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