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July 12, 2021, 12:03 am
Car insurance premiums have plummeted by 8.4% annually, with the average policy costing £779, according to Consumer Intelligence (Ben Birchall/PA)
Car insurance premiums have plummeted by 8.4% annually, with the average policy costing £779, according to analysis.
Premiums are on a downward trend generally across all age groups, data consultancy Consumer Intelligence said.
It said motorists aged 25 to 49 have seen a 2.1% fall in premiums over the past three months, while over-50s and under-25s have seen decreases of 1.5% and 1.1% respectively.
The average cost of car insurance for the under-25s is now £1,735.
For the 25-to 49-year-old age bracket the average cost is £586, and for over-50s an annual policy typically costs £345.
Motor insurance premium costs have fallen in recent months, analysis finds
PA
23 December 2020, 9:23 am
Motor insurance prices have decreased by 2.5% or around £20 on average over the previous six months, analysis has found.
Reduced claims volumes with fewer drivers on the roads have helped to bring down the costs, according to Consumer Intelligence, which released the data.
Across Britain, the average annual premium sits at £816, which is just 1.1% lower than a year earlier as prices had been rising before the coronavirus crisis struck.
Harriet Devonald, product manager at Consumer Intelligence said: “We are currently seeing premiums decreasing in all our age groups.”