Falls in quoted car insurance premiums could be slowing down despite dropping 10.8% in the past year, according to the latest Consumer Intelligence Car Insurance Price Index.
It shows quoted premiums rose slightly month on month in April but still fell by 1.3% in the past three months.
Drivers in Wales saw the biggest fall in the past year at 21.1% and six other regions – the South East, North East, South West, Eastern, West Midlands, Yorkshire & The Humber – recorded double digit drops.
But London saw quoted premiums rise 2% in the past three months and drop by just 0.2% over the past 12 months.
There was good news for younger drivers – 30% of under-25s could source a quote for under £750 in April which was more than double the 13% who could do so last April.
Drivers most commonly received a quote between £250 and £499, with 26% of quotes falling in this range, and 23% between £500 and £749.
“There was more stability in the motor market between February and April. Competitive premiums fell at a slower rate, even rising slightly month-on-month in April ,” says Max Thompson, Insurance Insight Manager at Consumer Intelligence.
“Competition remains strong. Half of the most competitive quotes in April came from five underwriters. With big deals including Aviva buying Direct Line and Ageas buying esure in progress, it will be interesting to see how this evolves.”
Average quoted premiums have risen by 101.1% – slightly more than doubled – since October 2013 when Consumer Intelligence began collecting data.
London was the only region to record an increase in quoted premiums in the past three months at 2% but three other regions – Scotland, East Midlands and West Midlands – recorded marginal falls of 0.6% while the North East saw a 0.8% decline.
