Ipswich, 26th January 2012
Car insurance pricing is once again under scrutiny as the government looks at the impact that bogus whiplash claims may be having on policy costs. With the cost of car insurance having risen by more than 50% over the last 24 months, Britain’s hard-pressed motorists have had little to cheer.
News from one of the country’s leading car insurance comparison sites today provided some welcome relief for drivers awaiting their next car insurance renewal quote with trepidation. Tiger Watch is a monthly car insurance price monitoring service produced by Tiger.co.uk. Over the last two years it has given both drivers and the motoring industry an early indication of monthly price trends. Last month for example it revealed that prices in 2011 had risen by an average of just under 16.5% versus 2010 rates. The monitor also revealed that since the middle of last year, prices have in fact stabilised and even dropped by around 2% for many drivers.
January 2012 Tiger Watch results show that this trend has continued. Rates for the month have dropped 2.5% when compared to December 2011 prices and are about 0.3% lower than those recorded a year ago. This deflation in the market is being driven by increased competition from insurers.
A spokesperson for Tiger.co.uk commented: “Britain’s drivers have had a hard time over recent years, with increases in fuel costs and car insurance prices. The better news for motorists is that we have seen car insurance quotes price stabilise over the last few months and in fact we are currently seeing prices drop slightly for many drivers on renewal. However there are winners and losers in this respect. Whilst many younger women drivers are seeing decreases of between 5 and 10% in their prices, their male counterparts are seeing their rates move the other way, with January’s Tiger Watch showing prices for the 20 year-old male driver profile increase by more than 15%.
Our advice to all drivers is to always shop around when policies are up for renewal, using a great comparison site like Tiger.co.uk. We found in a recent survey that nearly two-thirds of site users saved over £100 through our site, with over 40% of these saving in excess of £300. But remember not just to shop for cheap car insurance but to remember that is equally important to make sure that the insurance policy also provides the correct level of cover to match your personal needs.”
