Exeter motorists' average car insurance premiums tumble in 2018

There’s finally some good news for motorists in the South West, after new data has revealed car insurance premiums are tumbling in 2018.

Quarterly data released by the UK’s leading price comparison website, MoneySuperMarket, highlights a significant drop in the price of car insurance, with the average fully comprehensive policy falling £70 in the first three months of 2018, from £574.11 to £504.

The data is based on analysis of 1.7 million car insurance quotes on MoneySuperMarket between January and March 2018. It suggests insurers are reducing premiums following government announcements on reforms to the way personal injury compensation payments are calculated and how whiplash claims are handled by the courts.

So what does this mean for motorists in this region? Well on average, premiums across the South West have fallen by 8.4% with the average motorist living in our region expecting to pay around £362 for their car insurance, as opposed to £395 in the final quarter of 2017.

Accident claims costs are also thought to be falling because the UK’s fleet of private cars is gradually becoming safer thanks to newer models boasting safety features such as autonomous emergency braking and adaptive cruise control.

This is welcome news for motorists who have had to put up with a number of setbacks this year, from escalating fuel prices at the pumps to the state of our roads following on from the extreme weather courtesy of the beast from the east.

Kevin Pratt, consumer affairs expert at MoneySuperMarket, commented: “For once, it’s good news for hard-pressed motorists after months of price increases. Last year, premiums rocketed because of changes to the way personal injury compensation payments are calculated - insurers increased prices to help fund larger pay-outs to victims of accidents. Thanks to a government u-turn, the impact of the change on compensation awards will be reduced at some point this year, allowing insurers to ease premium hikes.

“Additionally, the government is overhauling the legal system later this year to reduce the number and size of fraudulent whiplash claims, which currently add £35-£40 to every car insurance premium.

You can read more data concerning these findings by clicking here.