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Research Suggests Car Insurance Costs Falling
July 19, 2012
A recent study by Towers Watson suggests that the cost of car insurance is falling.
The company's research shows that the average annual price of comprehensive car insurance fell by over 7% in 2012's second quarter to £797.
Whilst older motorists enjoyed the biggest drop of almost 9%, young drivers also saw a drop in the cost of young drivers insurance. It now averages out to £2,491 for 17 - 20 year olds.
A spokesperson for the firm stated:
"Competition between car insurance providers is currently very high. We anticipate that drivers will continue to reduce their annual mileage as a result of high motoring costs and seek cheaper vehicles in their search for more affordable cover."
The research went on to show that young drivers in Manchester and Merseyside were the hardest hit with premiums of around £5,394 on average, in comparison to Central Scotland - where they're paying almost half that amount.
Young female drivers also did better in the second quarter with the average young driver insurance premium sitting at £1,878, compared to £3,596 for young men.