Quoted automotive insurance coverage premiums fell 10.5% up to now yr however are rising for the under-25s, based on the most recent Shopper Intelligence Automobile Insurance coverage Value Index¹.
Youthful drivers skilled a 3% rise up to now three months though quoted premiums for the market as a complete fell 1.4% in the identical interval.
Shopper Intelligence’s information exhibits the most important affect was on drivers aged 17 to 19 with telematics suppliers more and more displaying much less curiosity in being aggressive within the sector.
Drivers in Wales noticed the most important fall up to now yr at 19.6% and over three months by 3.3% with seven different areas – the North West, North East, South East, South West, Yorkshire & The Humber, the West Midlands and Jap area, recording double digit drops.
Scotland and London recorded the smallest annual falls at 4.1% and 5% respectively and each solely noticed marginal drops over three months at 0.3%.
Drivers mostly obtained a quote between £250 and £499 with 26% of quotes falling on this vary and 24% between £500 and £749.
“The most important change out there is the will increase in aggressive premiums for drivers aged 17 to 19 resulting from much less curiosity within the age group from telematics suppliers,”
says Max Thompson, Insurance coverage Perception Supervisor at Shopper Intelligence.
“The previous three months has seen elevated exercise amongst merchandise out there on value comparability web sites with 12 leaving and 11 being launched. New manufacturers launched tended to start out with value cuts with six extra value lower affords out there in July in contrast with April,” provides Thompson.
Lengthy-term view
Common quoted premiums have risen by 98.3% – almost doubled – since October 2013 when Shopper Intelligence started gathering information.
The over-50s have seen the most important improve, with premiums rising by 122.2%, whereas the under-25s have skilled the smallest rise at 35.8%. Drivers aged between 25 and 49 have seen common quoted premiums improve by 116.8%.
Age variations up to now yr
The over-50s benefited essentially the most from value falls with common quoted premiums down 13.9% up to now yr whereas these aged 25 to 49 noticed costs slide 10.5% and the under-25s skilled falls of two.3%.
Quoted premiums have climbed 3% for the under-25s up to now three months however fallen 2.3% for each the over-50s and people aged 25 to 49.
Telematics
The proportion of the rank one to 5 quotes which might be from telematics suppliers slipped to 16% in contrast with 17% in each April and January this yr.
The under-50s bore the brunt of with the proportion of prime 5 quotes coming from telematics suppliers falling to 37% from 39% for the under-25s and to 14% from 16% for these aged 25 to 49. The proportion of prime 5 quotes for over-50s was unchanged at 9%.
Regional variations
All areas noticed falls in common quoted premiums over the previous yr however the decreases ranged from 19.6% in Wales to 4.1% in Scotland and 5.0% in London. One other seven areas noticed double digit drops.
All areas noticed falls in common quoted premiums up to now three months with Scotland and London recording the smallest decreases at 0.3%. Wales once more led the way in which with the most important drop at 3.3%.
Area | Value Index previous 12 months (July 24 to July 25) | Value Index previous 3 months (April 25 to July 25) |
Scotland | -4.1% | -0.3% |
London | -5.0% | -0.3% |
East Midlands | -7.5% | -1.2% |
North West | -10.5% | -1.8% |
North East | -11.4% | -1.2% |
South East | -11.6% | -2.7% |
South West | -11.9% | -1.6% |
Yorkshire & The Humber | -12.0% | -1.0% |
West Midlands | -12.1% | -1.2% |
Jap | -12.8% | -1.3% |
Wales | -19.6% | -3.3% |
Ends
Notes to Editors
1. For every danger, frequent to consecutive months, the variation is calculated from the common of the 5 most cost-effective premiums returned on every PCW within the earlier month to the common of the Prime 5 within the present month no matter which manufacturers offered these quotes. The train is repeated on every PCW for every frequent danger. The General Market Prime 5 month-to-month variation is calculated by averaging throughout all these danger degree Prime 5 variations for frequent dangers run in each months. The month-to-month figures are concatenated as much as produce the trended value index from a place to begin of 100% within the base month
