Quoted premiums dip for the first time since 2021

The continuous trend of rising motor premiums could be coming to an end after new data found that quoted premiums fell by 1.3% in the three months to May.

This was the first quarterly drop since the final three months of 2021 and followed a modest rise of 0.5% in the previous quarter, which was the lowest increase since 2021.

However, data from Consumer Intelligence also revealed that the average quoted price of car insurance rose by 34% across the whole year to May.

Quoted prices

Prices in the last quarter fell sharpest in Wales (3.9%), followed by London and Yorkshire & The Humber (2.1%), with 21% of drivers receiving quotes between £500 and £749, and 58% of quotes below £1,000.

Max Thompson, insurance insight manager, said:

“The escalation of car insurance premiums may finally be at an end, with insurers now reducing premiums and jostling to get to the top of screen on the price comparison website results pages. Insurers are making their pricing efforts more visible to consumers. There are now more price cut offers visible on quotes than messages relating to cover benefits, which is the first time this has been the case since July 2022.”