The cost of insuring a car has fallen to a four-year low as motorists benefit from a record 19 per cent drop in average premiums compared with a year ago.
The Confused.com car insurance price index, in association with Towers Watson, reveals the average cost of comprehensive car insurance in the first quarter stood at STG596 ($A1,068.77), a drop of Stg140 against this time last year.
The figure, including a reduction of 7.5 per cent on the previous quarter, means average premiums have dipped below Stg600 for the first time since late 2009.
Confused.com said the price drops were across the board, with male and female motorists in all age groups benefiting from reduced premiums.
However, it warned that the pattern of continuous price reductions over the past couple of years was unlikely to be sustained.
The benefits of falling prices have been particularly notable for younger drivers as the average premium for a 17-year-old fell by nearly 39 per cent in the last year, equating to a cost saving of nearly Stg1400 to Stg2203 for first-time motorists.
A typical 50-year-old also enjoyed a year-on-year price reduction of 20 per cent to Stg511, the report added.
Despite enjoying the greatest price decrease, the Manchester and Merseyside area still ranks as one of the most expensive for comprehensive car insurance premiums (Stg832), outranked only by inner London, where the average price comes in at Stg985.
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