Auto insurance premiums fall for third quarter in a row

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Auto insurance premiums fall for third quarter in a row

"Insurers feel confident in calming their premiums, and our quotes data shows prices are down annually for the first time in three years", Confused.com head of data insight, Steve Fletcher, said.

The findings revealed that United Kingdom motorists are now paying £768 on average which is 2% less than this time previous year and the first annual drop in prices since 2015. They also tend to have significantly more motoring convictions than women, ' Confused.com said.

Gender differences - men on average pay £95 more than women - persist despite an European Union directive forbidding insurers to assess drivers on their sex.

Costs for insurers have eased off after the government reformed laws to crackdown on whiplash claims.

According to Willis Towers Watson, the reduced prices this quarter continue to reflect the perceived uplift in market prospects shared by motor insurers in response to proposed government action to tackle the extent of exaggerated low value personal injury claims and reform to the personal injury discount rate. "The government has also announced a reform to the way whiplash claims are calculated and paid, which may have also had an impact", it said.

It also confirmed plans to reverse last year's changes to the Ogden rate - which is used to calculate injury compensation - after hearing insurers' complaints that victims were being overcompensated. In September previous year, the government backtracked after the insurers said the new formula would overcompensate crash victims.

Young people aged 17 saw the biggest price drop in insurance premiums as they pay £118 less than they did last year, but their cover is still one of the most expensive at a whopping £2,003 a year.

While drivers living within Inner London are enjoying these cost decreases, they are the only motorists who can expect to pay over £1,000 for auto insurance, on average.

"Being loyal doesn't always pay, so to get the message across to cost-burdened drivers the team and I are guaranteeing to beat the price insurers are charging at point of renewal".

In Scotland, premiums are also still increasing, with motorists in the Scottish Borders area suffering the largest increase (6%) since past year.

Experiencing the biggest quarterly drop of 21% were City of London motorists, who now pay an average of £1,259.

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