Motor insurance prices fall in October
Motor insurance prices fell by just over a per cent in October, according to the latest General Insurance Pricing Index from specialist pricing agency Pearson Ham Group.
It found that motor insurance prices were down 1.2% in the month, meaning they have fallen for seven months in a row now and by 12.2% since January.
This decrease comes as insurers adjust to a challenging economic landscape, bringing some relief to consumers amidst prolonged inflation.
The relief was greatest for younger drivers, while premiums for those under 30 fell by 1.8%, and those over 50 saw their premiums fall by 0.8%.
Motor insurance prices
Regionally, the greatest fall in prices was in the North East, where premiums have come down by 14.1% since the start of the year. Decreases have been modest in Scotland and Northern Ireland, which have seen decreases of 8.6% and 8.4%, respectively.
Stephen Kennedy, director at Pearson Ham Group, said:
“October marks the first month this year in which we’ve seen both motor and home insurance prices decline. We expect motor insurance premiums to continue easing throughout the remainder of quarter four, but it’s likely home insurance pricing could resurge and see increases again before the year’s end.”
