Car insurance prices fall further, with a year-on-year decrease of 15%
The latest Confused.com car insurance price index, in association with Towers Watson, shows that car insurance prices remain in the descendent. The average cost of comprehensive car insurance for Q2 2014 stands at £579, which is a drop of 15% year on year.
The average comprehensive car insurance price for Q2 2014 now stands at £579, which is a drop of £99 compared to this time last year (Q2 2013 = £678). This is good news for motorists, as premiums are at their lowest price in almost five years (Q3 2009 = £549).
Since the EU Gender Directive, which took effective on December 21st 2012, insurers are no longer able to use sex as a factor when pricing insurance. The gender divide used to be quite substantial, but the gap is now closing. Both men and women in general have experienced year-on-year car insurance price drops of -13% and -17% respectively. The average male premium now stands at £602. Females pay slightly less at £550. So now the gender price gap stands at just £52.
Young female drivers in the Manchester and Merseyside area have seen the biggest drop in car insurance prices year-on-year, as this chart demonstrates:
This chart is a league table of the biggest car insurance price reductions by age. As you can see, young drivers chiefly benefit. Although there is one anomaly, as 55 year olds have seen a 19% drop in their average car insurance prices: