Car insurance prices in the East of England drop -£70 in a year

16 Jul Car insurance prices in the East of England drop -£70 in a year

Drivers in the East of England are enjoying some respite from increasing car insurance costs, as premiums drop -£70 (-10%) year-on-year.

Car insurance now costs drivers in the region £638, on average, and is -£10 (-2%) cheaper than it was three months ago. That’s according to the most comprehensive car insurance price index in the UK based on more than six million quotes a quarter from Confused.com and powered by Willis Towers Watson.

To give a view on how car insurance premiums have changed for drivers in the region, Confused.com has created a car insurance calculator, which allows drivers to search for the average price for their age and region, and compare it to other parts of the UK.

Overall, drivers across the UK are celebrating a drop in car insurance prices, as the UK average premium drops -£95 (11%) in 12 months to £752. However, new research reveals customers who renew with the same insurer are not benefitting from these savings. In fact, a nationally representative survey of UK drivers reveals those who renewed their car insurance with the same insurer between April and June this year (2018) saw their premiums go up by +£49 on average1. This suggests loyal customers who choose to stay with the same insurer are not benefitting from price reductions available by shopping around. With prices expected to continue to fall in the near future, shopping around in a falling market will give customers a better opportunity to save money. And worryingly, 58% stayed with the same insurer rather than seeking out a better deal elsewhere.

To encourage drivers to take advantage of savings, Confused.com, is letting drivers in on a little-known secret which could save them up to £613 on average2. Data from the driver savings site shows there is a day 21 ‘sweet spot’ for drivers which could see them receive the best price when it comes to renew. The average car insurance cost for UK drivers shopping around 21 days prior to renewal is £6512. This is compared to drivers who shop around for car insurance on the same day as their renewal is due, who pay almost double (£1,264), on average2. To make drivers aware of this available saving, Confused.com monitors the market and sends an email to customers to remind them to renew. And to help motorists take even more advantage of declining prices Confused.com is guaranteeing to beat drivers’ car insurance renewal price, or give them the difference plus £20.