Car insurance is still one of the most expensive costs associated with ownership that you will have to pay. Some drivers can pay up to thousands of pounds for their annual cover and often the case insurance outweighs the vehicle value for first-time motorists. Insurance is essential to have on the road to protect yourself and also ensure you don’t land a fine. You can land a number of penalties if you drive an uninsured car including a £300 fine and six penalty points.
In some extreme cases, your vehicle could be seized by police officers and crushed.
To cut the cost of insurance some drivers resort to tactics such as fronting to reduce the overall price.
However, things like fronting, which is the process of putting a more experienced driver a the main name on the policy despite them not driving it very much, is fraudulent.
Fronting is a form of car insurance fraud which could land you in serious trouble.
There are a number of ways you could slash the overall cost of your insurance bill and new data by comaprthemarket.com has revealed the easiest and most effective way.
The gap of £110 between the cheapest and average premiums over the last quarter shows that shopping around remains the most effective way to save money on car insurance.
For younger motorists between the ages of 17 and 24, the difference between the two is much higher.
The average young person can save £231 by switching to a better deal.
Dan Hutson, Head of Motor Insurance at comparethemarket.com, said: “After years of relentless premium hikes, there is finally some light at the end of the tunnel for British motorists.
“Premiums are now lower on both a quarterly basis and a year on year basis. Car insurance, like many markets, is cyclical.
“While premiums are calculated using a variety of factors, supply and demand plays a fairly large role in the average pricing of these products.
“For example, the volume of new cars coming onto roads has decreased in recent months which could have been the cause behind this latest fall as insurers try to snap up new customers with lower prices.”
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