The average cost of a motor insurance policy in the UK fell by £51 last year to £594, according to the Confused.com Car Insurance Price Index in association with Towers Watson.
Despite an increase in prices of £12, or 2%, in the fourth quarter, the average comprehensive motor premium fell by 7.9% over the year, following decreases in both 2013 and 2012.
Drivers under the age of 23 benefitted the most from the price decreases and according to Confused the competition for 17-year-olds was intense
The editorial team get their teeth into the top stories.Subscribe to our daily newsletter for all the latest news
- Government reveals recalculated Ogden rate
- Insurers disappointed by the new discount rate
- Lloyd’s strategy change gets market backing
- Danish regulator orders Gefion not to expand its business volume
- Chris Guillaume formally hands over CEO role
- CRL close to finding replacement for Alpha policies
- FCA issues fresh clone broker warning