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Car insurance costs fell slightly in Q1 finds

Car insurance costs fell slightly in Q1 finds

Comprehensive auto insurance premiums fell by 7% in the first three months of 2018, the largest quarterly drop in four years and the third in a row according to research by Confused in association with Willis Towers Watson.

"Insurers seem to have softened prices as the government announces a review of the Ogden Rate discount, expected in April 2019, which could mean insurers pay out less when drivers make a claim", according to the executive summary of's latest price index. It said prices peaked in the last quarter of 2017 but have since fallen 7%. However, women pay a lower cost in general owing to the fact that, on average, they drive smaller, less expensive cars than men and have fewer high-value accident claims. The cheapest average insurance is paid by female drivers between 61 and 65, at £363.

Insurers are forbidden by law to set different auto insurance premiums exclusively based on gender. It is also changing the rate used to calculate how much insurers should pay for personal injuries.

"The Government has also announced a reform to the way whiplash claims are calculated and paid, which may have also had an impact".

Research reveals prices now lower than a year ago. In September past year, the government backtracked after the insurers said the new formula would overcompensate crash victims.

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Despite recent price drops, some drivers are facing more expensive auto insurance costs than others - in particular men. said the biggest fall in premiums since their peak were for 17-year-olds, but older drivers' premiums had still risen.

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

Typically insurance costs local drivers £935 - but they are being warned to go over their renewal letters carefully.

CEO Louise O'Shea said: "Finally drivers have had some good news with the end of rising vehicle insurance costs in sight".

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