Vehicle insurance costs down but drivers don't see any savings

Vehicle insurance costs down but drivers don't see any savings

These were first introduced in the 2015 Autumn Budget. Overall, men pay approximately £95 more than women. In September previous year, the government backtracked after the insurers said the new formula would overcompensate crash victims.

It also confirmed plans to reverse last year's changes to the Ogden rate - which is used to calculate injury compensation - after hearing insurers' complaints that victims were being overcompensated.

An EU gender directive was set up to stop motorists' premium cost to be judged based on their gender. 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.

But did Confused.com have a dilemma when it came to explaining the decrease?

Stephen Jones, UK head of P&C pricing, claims, product and underwriting at Willis Towers Watson, commented: "A third quarterly drop and annual deceleration in premiums indicates the industry clearly expects the new Civil Liability Bill to lead to a positive discount rate and, as one would expect in such a highly competitive market, these cost benefits are being passed through to consumers".

"Being loyal doesn't always pay, so to get the message across to cost-burdened drivers the team and I are guaranteeing to beat the price insurers are charging at point of renewal". However, they are only paying £543 - significantly less than the national average.


The average male driver between 17 and 20 pays on average £2,348 per year, compared to just £1,699 for women of the same age.

Outside of Scotland, motorists living in Central and North Wales saw the second biggest price rise, with premiums up by £10, or 2 per cent, to £629.

The findings revealed that United Kingdom motorists are now paying £768 on average which is 2% less than this time past year and the first annual drop in prices since 2015.

However, drivers living in Inner London are celebrating the biggest price reduction, making savings of £81, or a decline of 6 per cent, since last.

The price auto owners pay for insurance also depends on the sex of the driver and the type of vehicle being driven.

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