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Insurance News

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Biggest ever annual car insurance premium drop

Published: 30/09/13

Car insurance premiums plummet – this is one of the highlighted points from the most recent AA British Insurance Premium Index.

The average Shoparound quote for an annual comprehensive car insurance policy fell to £594.86, dropping 9.8% from £659.53 in July 2012.

Car drivers of all ages have on average seen significant premium falls over the past year, but those between 23 and 29 have seen the biggest fall, at 12.8% (to £738.93). The smallest fall was among drivers aged over 70 at 3.9% (to £407.70).

Simon Douglas, Director of AA Insurance, said: "This fall, the biggest the AA's Index has recorded since it started in 1994, is the sixth successive quarterly drop in premiums. It will be welcome news for hard-pressed motorists facing sharp fuel price increases."

He also points out the changes due to the EU Gender Law that came into effect last December, has seen premiums for young men falling while those for women have either remained static or have risen by much less than expected. "The background of falling premiums has helped insurers to more effectively manage the premium gap between men and women, although young drivers have fared least well. Some new and young women drivers will have seen a small premium increase, even after taking their no-claim discount into account." Mr Douglas expects premiums to continue to fall but adds: "The cost of car insurance is still around double what it was six years ago."

Home insurance costs carry on falling – but flood agreement could reverse trend
Average quoted premiums for home insurance have fallen again, particularly for buildings cover, which has dropped for the fourth quarter in succession.

The average Shoparound quote for a home buildings policy fell by 5% over a year (2.6% over the past three months) to £130.45, representing the biggest annual fall recorded by the Index.

The average quoted Shoparound premiums for a typical contents policy fell by 2.1% over the quarter (3.8% over the year) to £70.72 while the combined buildings and contents policy average fell 2.5% (5.8% for the year) to £175.78.

Douglas stated that home insurance continued to offer “extremely good value for money”, but voiced concerns that the flood agreement between the government and the insurance industry could affect insurance policies. “While the details have yet to be thrashed out, I understand that the Flood Re agreement will see premiums for homes in flood-prone areas capped in line with council tax bands, making them affordable,” he said.

Flood risk
However, Douglas added that if there is a major flood disaster soon after the agreement is finalised, it could lead to a sharp rise in home premiums, as happened after the 2007 disaster. “There’s still a long way to go but the progress in helping flood-prone families, many of whom are seeing increasing risk from flooding, is very welcome news. However it must be coupled with continuing significant investment in flood defences,” he advised. “After all, it is far better that flood potential is removed than go through the painful business of cleaning up after a disaster which is not just heart-breaking for the families affected but costly for insurers, local authorities, the economy and the government.”

Average quoted premiums for home insurance have fallen again, particularly for buildings cover which has dropped for the fourth quarter in succession.

The average Shoparound quote for a home buildings policy fell by 5% over a year (2.6% over the past three months) to £130.45, representing the biggest annual fall recorded by the Index.  The average quoted Shoparound premiums for a typical contents policy fell by 2.1% over the quarter (3.8% over the year) to £70.72 while the combined buildings and contents policy average fell 2.5% (5.8% for the year) to £175.78.
The AA British Insurance Premium Index (Index) has been tracking the quarterly movement of car and home insurance since 1994.

The index records premiums for 2,800 car insurance 'customers' throughout the UK, from around 80 providers. These are calculated to provide a market 'average quoted premium', while the Shoparound premium is an average of the cheapest five premiums quoted for each 'customer' in each basket of risks, to make it closer to what customers pay for their cover.

For home insurance, average premiums are calculated from 750 customers in each basket of risks separately for buildings, contents and combined covers and from about 70 insurers, brokers and schemes.

Separate tracking for comparison sites (aggregators) started from the fourth quarter 2009. The same types of risks for both home and car insurance are used to get prices from selected comparison sites, and works in the same way as the main index.

As an insurance broker, Flint is able to offer anyone a comparative quotation service on both motor and household insurance. If, as a commercial customer, you haven’t spoken to us about your personal insurance, contact a member of our team, who will be happy to help.

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