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Car Insurance “11pc cheaper than a Year ago”

New research has suggested that motorists are experiencing car insurance renewal prices that are 11pc lower than this time last year, as the insurance industry succumbs to increased competition between insurers. Many companies throughout 2012 have adopted the strategy of offering new customers reduced rates in the hope to secure their money, while hiking the renewal prices of their current customers in order to make up the difference.

While this may seem like a sly ploy, it does mean that there are falling premiums to be taken advantage of; but it may mean switching insurers. This means that it is vitally important to shop around before agreeing to renew your insurance with your current provider. Price comparison websites are a good way of finding the best deal, and even if you wish to stay with your current company, getting proof that you can get a better deal somewhere else is a good way leveraging a lower premium from your insurer.

Kevin Pratt, of Moneysupermarket said: “Car insurance inflation was a major issue in 2010 and 2011. Our analysis shows we are now seeing deflation, which is great news for motorists. A few key insurance providers are looking to take on new business and are willing to offer low premiums to attract new customers. While this competition continues drivers will benefit, but there is no guarantee how long it will last”.

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