Over 30s benefiting most from record drop in premiums
Gocompare.com’s head of motor, Scott Kelly, comments on the latest AA Premium Index:
“While it is certainly good news that premiums are falling, it is worth remembering that these savings aren’t just handed down to drivers – in most cases you have to go and find them by shopping around. There is no guarantee that your existing insurer will give you the best deal at renewal and if you shop around you may well be able to find another insurer offering you a better deal.
“It’s almost a year since the European Court of Justice ruling on gender equality came into effect and the industry has absorbed the impact of that along with government initiatives to tackle whiplash. Now the actuaries have rebooted their spreadsheets and the dust has settled on a transformed car insurance marketplace, there are definitely some bargains to be had. If you are still with the same insurer you had pre-December 2012 it could be well worth shopping around.
“If anything, the differences by age have been even more marked in our experience. There is a real split between under 30s and over 30s. The over 30s have ended up the biggest winners, with both male and female drivers seeing a reduction in comprehensive premiums of 17% in the last year*. For under 30s it is generally only younger males that have benefitted.”
Notes to editors:
*Gocompare.com’s analysis over seven million real car insurance quotes carried out on Gocompare.com between 1 September 2012 and 30 September 2013.