Falling car insurance prices are helping motorists save money, with elderly drivers seeing their expensive costs fall quicker than other age groups.
New data shows that quoted prices for car insurance premiums have dropped by 10.8 per cent over the last 12 months.
Motorists over the age of 50 seem to be benefitting the most, with average premiums falling by a staggering 16 per cent for older vehicle owners.
In comparison, those aged between 25 and 49 saw prices fall just 9.7 per cent, while younger drivers under 25 only received a 3.4 per cent drop on the average quote.
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Older drivers could be set to benefit than younger people when reapplying for their car insurance
GETTY
Many older people will typically see cheaper car insurance costs, given their extensive driving history, which gives providers peace of mind that they are safe behind the wheel.
However, at a certain age, insurance providers may begin to hike prices again, or, in some rarer cases, they could be refused coverage.
Some drivers could see their price begin to rise again after 70 or 80 years old, when car insurance companies believe they could be riskier than other motorists.
According to the latest price index from Consumer Intelligence, which looked at the average costs on price comparison websites, there was a general decrease across the UK.
There are some fears that drivers could soon see car insurance prices rise again in the near future
GETTYYear-on-year, drivers in Wales saw prices plummet by a stunning 21.1 per cent, although drivers in London saw a fall of just 0.2 per cent.
Car insurance providers take the risk of the vehicle into account when offering insurance policies and determine how much they will charge.
Drivers parked in urban areas, like London, can expect to pay more, since they will be on busier roads, and crime could be more likely.
In comparison, someone living in a rural area with fewer people around can likely see lower costs, as the risk of being involved in an accident is lower.
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The most common quotes were between £250 and £499, with just over a quarter falling in this range.
Around 23 per cent of drivers over the last year saw their quotes range from £500 to as much as £749.
Max Thompson, insurance insight manager at Consumer Intelligence, said: "There was more stability in the motor market between February and April."
He added that competition among providers on comparison sites "remains strong", although there have been some fears that premiums are falling at a slower rate or even rising slowly.
Drivers in rural areas could attract lower car insurance prices
GETTYAnnual decreases in car insurance prices in April 2025
- London - minus 0.2 per cent
- Scotland - minus 6.0 per cent
- North West, minus 8.9 per cent
- East Midlands - minus 9.9 per cent
- South East - minus 11.2 per cent
- North East - minus 11.5 per cent
- South West - minus 13.1 per cent
- Eastern England - minus 13.8 per cent
- West Midlands - minus 13.8 per cent
- Yorkshire and the Humber - minus 14.7 per cent
- Wales - minus 21.1 per cent
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