The cost of comprehensive auto insurance, on average, is dropping in the UK, according to the Confused.com/Towers Watson Car Insurance Price Index, having fallen £50 ($31.27) since the New Year. Between April and June, the cost of coverage fell by 2.3 percent to £797 ($1246.03) on average, a 7.1 percent decrease from a year ago. The results are based on 5 million customer quotes.
“There still have to be question marks over whether rate reductions are premature given what we know about overall market profitability,” said Duncan Anderson, Towers Watson's Global Pricing and Product Management leader. “The fact that the latest statistics from the Institute and Faculty of Actuaries show an 18 percent increase in the proportion of motor accidents having a personal injury claim continues to cast a lingering shadow over insurers.”
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