As any car owner will have noticed, car insurance premiums are still going up, even though we are now well past the significant insurance premium tax increases of the past few years. There may be light at the end of the tunnel, however, as annual car insurance price growth has slowed to just 7.5%.
This is according to Consumer Intelligence, which found that the average premium stood at £740 in February. Their data further shows that the year-on-year increase masks a drop in price of 3.4% since costs peaked in September. In fact, prices have fallen for five consecutive months, the longest streak Consumer Intelligence has ever recorded.
This is good news for anyone who needs to renew their car insurance soon, with under-25s having even more reason to cheer, as their average bill has dropped by 0.6% thanks to the increased use of black box technology. While drivers over 50 have, in contrast, suffered from the highest annual increase of 9.7%, they can still enjoy a lower average of £404 per year compared to under-25s' cost of £1,612.
The Government is further trying to help limit increases by limiting whiplash claims, but it will still be up to you to find the best possible deal. Compare car insurance providers to see if you could limit the ongoing price rises, or even find a cheaper policy.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.