Car Insurance Savings variable
These graphs show that the cost difference between the cheapest and average premiums has grown to £118 – the highest point since the Premium Drivers index began in March 2014 and another quarterly rise. The savings variable itself has reached 17.0%, up from 16.87% the previous quarter. This continued high variable means that there could be opportunities for you to make savings on your car insurance if you compare prices at renewal time.
The average motor premium has risen by £92 year-on-year to £697 in Q3 2016, up from £605 at the same time last year. The cheapest policies have also increased in price, rising £69 from £510 to £579 over the past 12 months. Insurance costs have recently risen due to increased insurance fraud, rising repair bills and increases to Insurance Premium Tax so it really does pay to shop around.