Car insurance premiums fell for the 3rd consecutive year

The latest car insurance premium figures, released by the British Insurance Brokers’ Association (BIBA) have revealed that 2014 saw a decrease in car insurance premiums of nearly 4.4%.

Despite an increase in car insurance premiums towards the end of 2014, the average premium for motorists was less at the end of 2014, than it was at the end of 2013. This means that there has been a 3rd consecutive year of falling insurance premiums.

Whilst a slight upwards creep in insurance premiums could be bad news for motorists, the good news is that prices for car insurance today are much less than they were in 2013 and 2012. In 2012 alone, the average premium for car insurance had increased to nearly £730 for every motorist, whereas at the end of 2014, it was £540.

This comes at a time where the other costs of motoring, like road tax and petrol prices are for the most part decreasing, with more vehicles being free to tax due to lower emissions, and petrol prices approaching the £1 per litre mark.

Despite these falls in car insurance premiums overall, motorists outside the mainstream, like young drivers, convicted drivers and motorists with modified cars could still finding it hard to obtain affordable car insurance cover. At Insurance Factory, we aim to provide competitive car insurance cover for everyone, including young drivers, convicted drivers, or modified cars, so get a quote today!