Motor Trade Insurance
Menu

Cost Of Car Insurance Drops

October 21, 2019 by Logan Biggs

Motor traders and others running motor trade businesses may be interested to read that the average cost of insuring a car fell in the third quarter of 2019 when compared with the same period last year. You will no doubt have insurance covering driving customers’ vehicles plus you may also have cover for vehicles owned by your business so any change in the cost of car insurance may have an impact on how much your existing insurer will charge you at renewal.

According to MoneySuperMarket.com, the price comparison website, the average cost of insuring a car on a fully comprehensive basis fell from £483 per annum in the third quarter of 2018 to £459 per annum for the same quarter this year. That is a drop of £24 with this equating to a 5% reduction. If you compare premiums between Q2 and Q3 of 2019 there has ben a fall of 2.75% – a drop of £13 per annum. In Q1 of 2019 the average cost of such cover was £466 per annum and in Q4 of 2018 the average cost of fully comprehensive car insurance was £512 per annum.

This drop in the third quarter of 2019 is potentially good news for people and it is to be hoped that premiums continue to reduce in the coming months and beyond.

It is important that motor traders and others operating in the motor trade industry shop around for suitable cover. Too many people just accept the renewal notice presented to them by their existing insurer. It really does not take too long to obtain one or more alternative competitive quotes for suitable cover and it is quite easy, if you do find a more competitively priced policy, to switch insurers. One way is to use the likes of a price comparison website of which there are many. It is simple to obtain another quote and it may even be possible to arrange cover online or over the phone quite quickly.


No Comments »

No comments yet.

Leave a comment

Mailing List

To get the latest news and offers from MTI, enter your email below.

Subscribe to the Mailing List
FacebookTwitterGoogle PlusLinked In