Impounded Car Insurance UK report on falling premiums of impounded car insurance policies
Premiums on impounded car insurance are down 15% in the past 12 months and are now at their lowest level for five years, with the EU’s directive on gender having helped car insurance premiums fall for the youth of both genders. The average quoted premium has now fallen to £579 from £678 a year ago, now standing at a third below their peak of 2011, this according to research made by price comparison website Confused.com.
Those who are coming out on top here are 17-20 year old females who have seen a year-on-year fall in impounded car insurance premiums to the tune of 33%, this despite the introduction of the EU gender directive which came into force during the start of the previous year which stopped insurers from being able to discriminate between men and women.
Seizeed Car Insurance
When these EU rules came into effect, there were those who assumed that women would end up losing out, but both sexes have seen a year-on-year price drop in car insurance of 13% for men and 17% for women. Two areas with traditionally high seized car insurance premiums, Manchester and Merseyside, are actually experiencing some of the largest falls, prices in these regions now down 19% and falling by £184 to now stand on an average of £808. However, they do still remain the highest in the UK outside of inner London.
Insurance for seized cars
These figures also chime with those gathered by the AA which stated that premiums are down £105 over the past year, competitive pressure now keeping down rather than reforms designed to curb whiplash injury claims which have supposedly had little effect on the number of fraudulent injury claims made. Despite this, it’s predicted that premiums are likely to start rising over the next 12 months, the trend likely to reverse as insurers made modest underwriting profits last year paying out £99 in claims and expenses for every £100 of premiums during last year. With this in mind, it may be smart to start looking for a car insurance policy or renewing as soon as possible before the premiums begin rising again.
