Car insurance prices finally dropping but drivers issued renewal cost warning - 'Consider all options!'
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Car insurance prices are finally falling in much-needed relief for motorists, with the average insurance premium now costing Britons less than £450.
The latest price index data has revealed that the average cost of car insurance dell by £18 over the last three months - from £465 to £447.
Despite this, the average motor insurance policy is still £100 more than it was at the same time last year - when average costs were just £343.
Unsurprisingly, drivers in and around Greater London have the highest premiums with policies costing an average of £650, paying 78 per cent more than those in Wales and the South West of England.
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Drivers are urged to shop around before when renewing their licence
PAExperts have been calling on drivers to make small changes to their habits to ensure they will be able to get the best deal by slashing their prices.
This includes not leaving it to the last minute to switch policies. Data shows that the best day to renew their car insurance is 26 days before they are required to renew, with premiums becoming more expensive the longer people wait.
Tom Banks, motoring expert at Go.Compare, said it was positive for drivers that prices were dropping and urged motorists to find the best deal available on the market for them.
He continued, saying: “It’s an encouraging sign to see that car insurance premiums have started to decrease.
"With the recent price rises hitting headlines, the cost of car insurance has been a hot topic – so this is news that will be welcomed by many."
More than half of drivers (55 per cent) now take steps to make sure they shop around before they settle on a car insurance policy when it's time for them to renew.
Banks added: “However, while it’s good news that premiums are starting to stabilise, the current cost of car insurance is still £100 more on average than it was this time last year.
"We always recommend taking some time to shop around well in advance of your renewal and consider all your options in order to get the best cover for less.”
The GoCompare research also determined which jobs would bring the best deals for drivers, including administration assistants, who have the cheapest average quote at £490.
This is closely followed by civil servants (£492) and shop assistants (£525), although retirees have the lowest rates, paying an average of just £389.
Drivers are also frequently encouraged to pay for their car insurance in one lump sum rather than monthly to avoid having to pay additional fees and interest.
Experts have said motorists should also check which add-ons they have with their policies, as they could be paying higher premiums for items which they do not use.
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Retirees have the cheapest average car insurance policy costs
PEXELSSimilarly, those looking to save on their costs could switch vehicles to cheaper alternatives, which tend to be smaller, less powerful vehicles.