Cheap car insurance quotes were even cheaper this September, as recent research findings from a car insurance comparison site found that this month’s insurance prices declined by 2.3 per cent compared to prices last month.
Car owners have even more cause to celebrate, as the online car insurance comparison site found that, when compared to the second quarter of 2011, this quarter’s prices were 4.5 per cent less expensive. This may mean that the rocketing car insurance rates experienced over the past 18 months may be finally coming to an end due to an increased level of competition within the marketplace.
The research results, which are based upon many hundreds of price quotes across a range of driver profiles, were actually found to be in line with general inflation rates when examined on an annualised basis. Even though figures for September showed a month on month decrease in premium prices, the general inflation rate for the year was found to be 4.3 per cent – which is nearly identical to the Consumer Prices Index.
This is good news to harried UK motorists that have had to endure anyhwere between 30 per cent and 40 per cent sustained inflation rates since early 2010. Industry experts predict that prices for the entirety of the year will most likely be 17 per cent more expensive than they were in 2010, even with stable prices for the remainder of the year.
Industry experts stated that the primary driver of the stabilisation to the insurance market is due to insurers competing more seriously for business, which has resulted in actual price deflation in September for a good number of drivers.