The costs of comprehensive motor car insurance cover have declined by 3.3 per cent over the course of the last quarter, according to recently revealed research findings.
A quarterly price index conducted by a leading car insurance comparison website found that 2012’s first quarter saw a reduction in not just comprehensive cover but with car insurance rates associated with third party, fire, and theft cover as well. Third party cover fell much more modestly than its comprehensive counterpart, with the research findings indicating just a 0.4 per cent drop over the last quarter.
The quarterly price index research, which uses over four million discount car insurance quotes in order to ascertain the current average price of cover in the UK, holds its findings up against the prices from the last five years in order to provide context to the current price of insurance cover. From March of this year, the average price of comprehensive cover was £816 for an annual policy, which is down £19 from its price 12 months ago – but is still substantially higher than the £506 annual price average from December of 2006.
While the average price was found to be just £816, the cost of cover for different age groups can vary over a wide range. Drivers between the ages of 17 and 20 currently experience an average premium price just shy of £2,500 for one year of comprehensive cover, while drivers over the age of 65 only had to pay around £438 a year on average.