Researchers say that car insurance rates have finally begun to level out after year after year of increases, with new statistics showing annual motor car insurance premiums finally beginning to fall on average.
While premiums may be slightly less expensive overall, discount car insurance for young drivers is still completely out of reach. Male motorists have fared the worst by far, with some younger males paying in excess of £5,000 for an annual comprehensive insurance policy; the current high-water mark when it comes to male motorists between the ages of 17 and 20 in the Merseyside/Manchester area was found to be £5,350 for 12 months of cover.
Industry experts say that even though rate increases have finally started to level out, overall prices today are still much higher than they were in the past, particularly before the credit crunch. Average insurance costs are 61 per cent more expensive than they were in December of 2006, motoring insiders are quick to point out.
Women, which have usually been subject to slightly less expensive insurance than men, have been seeing their premium prices go up as well in certain regions. Even with these increases, female drivers are still paying less £65 less than the national average of £816.
However, much like male drivers living in the Manchester and Merseyside areas, women in the same region have seen massive cost increases. Unlike their male counterparts, who experienced high premium prices at the young end of the spectrum, female drivers over the age of 65 saw rate increases as high as 9.7 per cent.