Whiplash reform sees insurance premiums drop

Popular 4.5 million drivers already have a dashcam

Popular 4.5 million drivers already have a dashcam

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.

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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.

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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.

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