CAR INSURANCE PREMIUMS ARE FALLING
According to figures from the Association of British Insurers (ABI), the average motor insurance premium has fallen by almost £50 over the last two years.
Their data shows that the average price for comprehensive cover during 2014 was £360 - down from £374 in 2013 and £409 in 2012. The reason for this is thought to be due to new EU rules, brought in to stop insurers discriminating between men and women.
Changes to the way whiplash claims are dealt with could push the cost of cover down even further. In April the government charged independent body MedCo with overseeing the production of independent medical reports in whiplash claims with the hope of deterring insurance cheats and
ensuring honest motorists get fair, competitively priced premiums.
Insurance on high-performance vehicles is falling too. Whilst still expensive, competition in this segment has driven prices down. Super car insurance is an ever growing market and one which many brokers are desperate to be involved in. High-performance cars may command much higher premiums than standard cars, however as a result involve much better profit margins.
Supercar drivers tend to be more mature individuals, who clock limited miliage on their machines. As a result its a lot less difficult than you might expect to get a hood deal on supercar insurance. Having said that many large insurance companies still see this kind of vehicle as a risk and are wary of insuring them. To counter this, a number of dedicated high-performance car insurers have sprung up in recent years who specialise in providing cover for these types of car.
Despite this current trend of falling prices, experts warn that premiums may be about to rise. Falling oil prices and other factors have increased car usage, in turn leading to more accidents and an increase in low-value insurance claims.
Prestige Vehicle Insurance is operated by Alan & Thomas, leading insurance specialists in Southern England providing insurance solutions and risk management services for high net worth individuals, businesses, organisations and charities. Working closely with the UK's leading insurers to develop bespoke insurance products, contact us today to discuss your own prestige vehicle insurance policy.
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