Car insurance costs at 3-year low – but price | Tech News

Car insurance costs have hit their lowest stage in virtually three years, but petrol, diesel and electric car house owners have been warned of potential price hikes on the horizon. New knowledge from Confused.com has revealed car insurance charges now sit at £711 on average, a £66 lower over the previous 12 months alone.

Some motorists are seeing important financial savings, with youthful drivers among the many most to benefit from a drop in charges. Data reveals that newly-certified 17-12 months-olds are paying 23% much less, or £517, than drivers of the identical age simply 12 months in the past.

18-12 months-olds are additionally dealing with a lot decrease premiums in comparison with final 12 months, with charges down 15% or £352. Figures recommend that car insurance costs have steadily decreased 12 months-on-12 months for 18 months, with charges down by as a lot as 17% at the beginning of final 12 months.

However, there may be some trigger for concern: costs have solely fallen by 9% over the previous 12 months, the smallest change in more than 12 months. In truth, over the previous three months, costs could have began to rise, posing a potential blow to highway customers.

Confused.com knowledge reveals that some areas, equivalent to Northern Ireland, Falkirk and Chelmsford, are amongst these seeing the largest price hikes.

Matt Crole-Rees, motoring professional at Confused.com car insurance, stated: “Car insurance costs are at the bottom they’ve been for a whereas – but knowledge additionally reveals costs are creeping up for some drivers, and stalling for others. And this might imply price will increase are on the horizon.

“This, alongside fuel and tax costs increasing this year, will mean more financial pressure for drivers. So any further savings you can make on your insurance now will be hugely beneficial in the long term.”

Drivers could be missing out on the best deals, with road users typically shopping around 19 days before their renewal is due and holding off finalising a deal until 10 days before an agreement starts.

Matt added: “And this is why it’s more important than ever to shop around, not only to lock in the best price now, but to ensure you are getting the best deal.

“The biggest thing to consider is when you shop around. Leaving it until the last minute can in fact mean you pay more. Our data shows that 28 days is the ‘sweet spot’ for when drivers typically pay the least for their insurance. So being organised and getting it sorted early can pay off.”