“We’re starting to see a consistent trend of prices decreasing, and this is great news for drivers! This could be because insurers are paying out fewer claims than before. Paying out on less claims means more savings to pass on to customers. But this doesn’t mean that prices won’t start to increase again in the future, especially if claims start to increase.
“In particular, younger drivers are seeing the biggest savings when shopping around. Just over 12 months ago, prices increased by as much as 98% for some. So these latest drops could be great for young drivers buying insurance. It’s interesting to see that young drivers have been shopping around for their insurance, with more drivers looking to buy telematics, or basic level policies. These could work out as a cheaper option, so we’d always encourage younger drivers to compare different policy types to see what works best for them.
“But staying on top of your insurance is key to getting the best price. You’ll often see a better price if you shop around at renewal time. Even if your renewal price from your insurer is cheaper than last year, it’s likely there will be another insurer out there offering a better price. Doing this ahead of time can save you even more too. Our data shows that if you shop around about 3 weeks before your policy is due to renew, you could benefit from the biggest savings. Leaving it too late, or simply accepting your insurer's renewal price could mean you lose out on great savings.”
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