However, in September the Ministry of Justice said it would revise the scheme.
Despite the recent drop, vehicle insurance prices on average are still £97 more expensive than two years ago and £261 higher than rock-bottom premiums seen 10 years ago, when they were £499 on average.
Insurers are forbidden by law to set different auto insurance premiums exclusively based on gender.
The discount - or Ogden - rate is created to compensate insurers for the cost of long-term injury claims.
However, typically women drive smaller, less expensive cars which contributes to the overall cost of insurance.
IG Investment Management LTD. Has $814000 Holding in Liberty Interactive Corp (QVCA)
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That is according to research by Confused.com, which said the lower prices reflect an optimistic outlook for insurers following changes to the discount rate and a crackdown on whiplash claims.
"A third quarterly drop and annual deceleration in premiums indicates the industry clearly expects the new Civil Liability Bill to lead to a positive discount rate and, as one would expect in such a highly competitive market, these cost benefits are being passed through to consumers", said Stephen Jones, UK head of P&C pricing, claims, product, and underwriting at Willis Towers Watson.
The average insurance price difference between male and female drivers is £95, according to the Confused.com research.
Some age-brackets are bucking the downward trend, such as 68-year olds, who have seen their premiums rise by £40, or 8 per cent, since last year.
Meanwhile, those aged between 61 and 65 enjoy the lowest prices, with the typical policy costing just £363.
Guardiola fears Man City could still falter in title race
I would say so", former England captain Alan Shearer said. "We knew how important this game (was)". "I have won titles. One team was dominant in Germany and one had (Lionel) Messi, but we are nothing without the team".
The findings revealed that United Kingdom motorists are now paying £768 on average which is 2% less than this time a year ago and the first annual drop in prices since 2015.
In Scotland, premiums are also still increasing, with motorists in the Scottish Borders area suffering the largest increase (6%) since past year.
Welsh motorists also saw a 2% rise, with those living in Central and Northern Wales now paying £629 on average.
However, drivers living in Inner London are celebrating the biggest price reduction, making savings of £81, or a decline of 6 per cent, since last.
What's Portland General Electric Company (POR) Upside After Today's Big Increase?
Following the completion of the acquisition, the insider now owns 68,757 shares of the company's stock, valued at $2,037,269.91. The stock decreased 0.58% or GBX 1.3 during the last trading session, reaching GBX 224. 37,560 are held by Eqis Capital Inc.