DR10 Insurance Policy Prices Fall By £100
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Since the start of the year the average price of a DR10 car insurance premium has declined sharply, falling by more than £100 during the first three months of the year according to figures released by the AA. They’ve stated that the average comprehensive motor insurance figure stood at £531 at the start of the year, which was 5.6% down from the last three months of 2013 and 16.6% down from the figure for the same period last year.
The figure for third party, fire and theft is also down on the past three months by 8.4% and 18.5% on last year, now settling at around £725. The AA have also stated that this policy is higher than comprehensive insurance as it’s a policy that is typically taken out by those between the ages of 17 and 22, who are forced to pay the most for comprehensive insurance. However, it’s young drivers who have seen the biggest dip in premiums during the first part of this year, seeing a fall as large as a fifth, while those aged over 70 saw the smallest drop of 7% on their premiums. Those aged 60-69 are currently paying the least for their comprehensive car insurance, the cost averaging out at £299.81, while the figures highlighted that the North West was the region to see the biggest fall in premiums at 21%, in comparison with the 13% drop seen throughout East Anglia.
However, the AA have also warned that these figures do not indicate that this trend is likely to be under threat; with legislation reforms introduced by the justice minister in an attempt to curb organised attempts at whiplash injury claims and better fraud detection in place at the insurers, there’s certainly been downward pressure been placed on premiums. Despite this, there is no real evidence that this is delivering any significant reduction in the number and value of personal injury claims, meaning that premiums are likely to begin rising again during this year unless the fraud issue can be dealt with. Unless it is, young drivers, those with poor claims histories or those in localities where there are frequent claims made will find it the most difficult to find competitive cover.