Car insurance comparison site releases monthly price report

One major car insurance comparison website in the UK recently released the results of its monthly price report, announcing that car insurance rates dropped by 5 per cent in the month of July.

Motorists looking for  discount car insurance have been given a bit of a reprieve as prices dropped last month in comparison to June of this year.  This comes on the heels of a 12 month long inflation period for premium prices, with the only other month to record a decrease being February.

However, motorists are nowhere near to getting out of the woods just yet, as inflation is still running at more than 17 per cent.  While this is significantly under the more than 30 per cent annual increases in premiums seen in past months, the rate of price inflation is still much higher than the Retail Prices Index, the standard for measuring nationwide inflation rates.

The comparison site’s research results found that younger female drivers are still the hardest hit by this inflation, as 20 year old female drivers have been experiencing a total year-on-year increase of 36 per cent.  Slightly older females saw their average premium prices actually drop, as women 35 years old or older experiencing a drop of 7 per cent in policy costs since July of last year.

One comparison site spokesman remarked that they were glad to see the apparent drop in premium costs last month, which they attributed to insurance providers becoming more competitive.  The spokesperson added that inflation is still running at more than 17 per cent for the year, however, which continuing to case terrible hardship for many drivers across the country.

© 2021 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

What do you think?

Please note that email addresses are not visible on approved comments.