Motorists in the UK are currently paying on an average £53, or 6%, less for car insurance compared to a year ago, according to the latest Confused.com Car Insurance Price Index compiled by Willis Towers Watson.
Car insurance premiums in the UK currently cost £774, versus £827 in the same period last year.
Inner London recorded the biggest annual average premium reduction. In this region, the average premium dropped 9% to £1169 from £1283.
Car insurance premiums 2019
Scottish Borders recorded the smallest reduction, with average premiums dipping 2% to £612.
With motorists having to pay £558 on an average for car insurance, South West emerged as the cheapest region in this regard.
According to more localised data, West Central London reported the greatest annual drop in car insurance prices. The car insurance price in this region dropped 15% to £1200.
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The City of London emerged as the most expensive postcode area for motor insurance, with motorists paying £1439 on an average.
Llandridod Wells in Wales was the most affordable, with motorists paying an average of £521.
Willis Towers Watson UK head of P&C pricing, claims, product and underwriting Stephen Jones said: “Reforms to the Ogden rate and the Civil Liability Bill will benefit the sector in the medium term, while recent price rises reflect the intense pressure on margins being experienced by insurers due to repair cost and claims inflation, which are likely to be further impacted by Brexit developments.”
This news comes at a good time. Customers currently believe that they are not being rewarded for loyalty.
Just one in five customers believe that their insurance firm recognised and rewarded their loyalty, a new research from customer benefits and loyalty firm Collinson has revealed.
Only one in five (19%) respondent said they felt valued by their insurer while more than 35% complained that they received offers or loyalty schemes which are of no use for them.
Nearly 34% of the respondents said they received a volley of useless communications from their insurers while 31% said that they were sent totally un-personalised communications.