Latest news with #carinsurance
The Independent
15 hours ago
- Business
- The Independent
Over-50s ‘benefiting most' from falls in quoted car insurance prices
Quoted prices for car insurance have fallen by 10.8% over the past year but there are signs that the decrease could be slowing, according to an index. The research also indicated that the over-50s have benefited the most from price falls, with average quoted premiums for this age group falling by 16% over the past year while those aged 25 to 49 saw average prices fall by 9.7% and the under-25s experienced falls of 3.4%. The general trend across Britain was for quoted prices to decrease year-on-year, ranging from a 21.1% typical price fall in Wales to a fall of just 0.2% in London. The figures were compiled by financial services insights provider Consumer Intelligence, which looked at averages of the cheapest premiums on price comparison websites. London was the only region to record an increase in quoted premiums in the past three months at 2% but three other areas – Scotland, the East Midlands and West Midlands – recorded only marginal falls of 0.6% while the North East saw a 0.8% decrease. The most common quotes were for between £250 and £499, with 26% of quotes falling in this range, and 23% being between £500 and £749. Max Thompson, insurance insight manager at Consumer Intelligence, said: 'There was more stability in the motor market between February and April.' He said that 'competition remains strong' despite some signs of competitive premiums falling at a slower rate or even rising slightly month-on-month in April. The proportion of the top quotes that are from providers of telematics policies, which reward good driving behaviour, has remained stable in recent months, the report said. Here are the annual decreases in quoted car insurance prices in April 2025 followed by the three-month change, according to Consumer Intelligence: London, minus 0.2%, 2.0% Scotland, minus 6.0%, minus 0.6% North West, minus 8.9%, minus 2.7% East Midlands, minus 9.9%, minus 0.6% South East, minus 11.2%, minus 1.5% North East, minus 11.5%, minus 0.8% South West, minus 13.1%, minus 3.2% Eastern England, minus 13.8%, minus 2.2% West Midlands, minus 13.8%, minus 0.6% Yorkshire and the Humber, minus 14.7%, minus 2.1% Wales, minus 21.1%, minus 4.2%
The Guardian
19 hours ago
- Automotive
- The Guardian
10 ways young UK drivers can avoid high car insurance costs
Young people usually pay more in car insurance – sometimes a lot more – as they are statistically more likely to be involved in an accident and policies are based on overall risk. Those aged between 17 and 24 pay £828 on average, close to double the £476 typically paid by 25-to 49-year-olds, according to data from the comparison site However, comparing quotes can still save you hundreds of pounds. Comparison sites – others include MoneySuperMarket, and Compare the Market – let you easily see prices across dozens of insurers. Experts say getting quotes about three to four weeks before your policy is due to start often results in cheaper deals. Adding a parent, or any other experienced motorist as a named driver – as long as they drive the car occasionally – can help lower your premium. Insurers see this as spreading the risk as the vehicle is not just driven by someone with little experience. Look for someone with a clean licence and many years of no claims. Whatever you do, don't pretend someone else is the main driver – that is known as 'fronting', and is illegal. Generally, the smaller and less powerful the car, the cheaper it will be to insure. Go for something in a low insurance group (cars are put into one of 50 groups), typically the less expensive models with small engines and where the cost of parts and repairs are generally lower. The cheapest for 17- to 25-year-olds include Volkswagen's up! (averaging £576 a year), the Suzuki Alto (£597) and the Fiat 500 (£604), according to 'This shows it is smaller cars – specifically modest one-litre engine hatchbacks – which are taking the top spots as the cheapest cars to insure for young drivers,' says Tom Banks at Buying secondhand will keep costs down. Just make sure it is in good condition and has a full service history. 'Avoid making modifications, too, as these could lead to a hike in the price,' says Andrew Lee at the insurer Marmalade, which specialises in young drivers. A black box, or telematics, is a great way to reduce costs over time. A small device (or an app on your phone) tracks how safely you drive. If you stick to speed limits, avoid harsh braking and do not drive late at night, you could earn a lower insurance quote or repayments, adds Banks. 'If the data shows consistent safe driving, insurers might reward policyholders with benefits like lower premiums, cashback or a voucher, either during your policy term, or when it's time to renew,' he adds. According to the median price for a 19-year-old driver with a telematics policy is £864 a year. This compares with £1,096 without telematics. At age 23, the difference is only £21: £636 with telematics; £657 without. If you don't make a claim, you will earn a no-claims discount, which can further reduce costs. However, there are some potential disadvantages to a black box. It will record poor habits and so could result in higher premiums. 'If you don't drive carefully, or within pre-arranged limits of your policy, you could end up paying more,' Banks says. If you are already insured, do not just accept your renewal quote. Use comparison sites to see what others are charging for the same, or similar, cover, then go back to your current insurer and see whether it will match, or beat, those prices. Monthly payments may be easier for some younger people to handle, but they often involve paying interest on the premiums – sometimes as much as 30% APR. If you can afford to pay in one go, it is nearly always cheaper. If an annual payment is not possible, it is worth looking into alternatives such as a 0% interest credit card (provided you can pay it off before interest kicks in). Or set aside money each month. Where, and how, you park matters. Insurers like driveways more than street parking, so prices tend to fall if you have access to one. If your building has designated private parking, whether gated or residents only, that is also usually rated as safer than street parking. If you have a fob-controlled or gated car park, even better. Mention it when getting quotes. And adding a steering wheel lock, immobiliser or dashcam can help. The more secure your car, the less of a risk it poses – and the more likely something will be shaved off your premium. What you put as your job title can affect how much you pay – sometimes by hundreds of pounds. That's because data based on years of claims is used. Some professions are flagged as higher risk, either because of how often people in those jobs claim, or the way they are perceived to use their cars. Many forms include a dropdown menu for job titles, and choosing a different, but still legitimately accurate, title – such as 'writer' instead of 'journalist' – could lower your premium. Make sure it is truthful. False information could invalidate your policy. MoneySuperMarket has a 'car insurance job picker' to help you identify the role that best describes what you do, and find the average premium for each job. Your excess is what you pay towards a claim before your insurer chips in. It is usually split into two parts: a compulsory excess, which is set by your insurer and non-negotiable; and a voluntary excess, the extra you choose to pay on top. 'The most common excess chosen by our customers is £250,' says Rhydian Jones, a car insurance expert at 'But opting for a higher – or sometimes even lower – excess can help reduce the overall cost of your cover. Experiment with your excess amount when comparing quotes to see if you could save.' The higher the voluntary excess, the lower your premium tends to be. 'Make sure you can afford to pay the excess amount you have stated,' says Lee, otherwise you could be left in a tricky situation. The discount increases with each year you drive claim-free. After just one year, you could get a 20% to 30% discount. After five years, some insurers will knock 60% or more off your premium. Your no-claims discount is tied to you, not the car – so if you change your vehicle or insurer, you can usually transfer it. Even if you have an accident, it will not always wipe out your discount – especially if you are not at fault and the other driver's insurer pays. It is worth asking your insurer to confirm how much your premium would go up by if you made a claim.
CBS News
a day ago
- Business
- CBS News
Why are car insurance rates up in Maryland?
Why are car insurance rates up in Maryland? Why are car insurance rates up in Maryland? Why are car insurance rates up in Maryland? One thing everyone is noticing these days is rising costs, and that includes your car insurance. Viewers have asked WJZ why their auto insurance rates are increasing in Maryland. WJZ Anchor Rick Ritter tracked down the answer for this segment of Question Everything. Why is car insurance so expensive? Rick Ritter sat down with Marie Grant, who is Maryland's insurance commissioner. Marie Grant: "Typically in urban environments, we do see higher rates of auto insurance based on experience on what happens to a car in a city. Grant: "What we're seeing here in Maryland and what consumers are feeling are, unfortunately, national trends that consumers in other states are feeling, as well." Data released this year from Insurify shows car insurance costs surged nationally by 15% in 2024. Maryland drivers pay the most for car insurance, according to the website. On average, Marylanders are paying more than $4,000 a year, which is a 53% increase from 2023. Grant: "Maryland, historically, has been in the top quarter of states for auto insurance rates, and that's due in part to the nature of our state." "We tend to drive a lot, with longer commuting distances and a lot of congestion on roads. With pretty heavy traffic and accident rates higher than other states, it all contributes." While congestion and traffic-related incidents play a role, high repair costs are also to blame. AAA A found that today's advanced technology in cars can cost twice as much to repair, and now the threat of tariffs could complicate things even more. Grant: "During the pandemic, costs went down, folks weren't driving as much, and there weren't as many accidents. As Marylanders got back on the road, as well as inflation, the cost of cars then increased." Rick Ritter: "With so much talk about the escalating trade war and the president's tariffs, will it help contribute to rising car insurance rates?" Grant: "Unfortunately, the answer is yes. We haven't seen evidence of that with current rate filings, but if you asked me a month ago without tariffs on the horizon, I would've said trends are looking positive." Climate and crime can be contributing factors to higher costs of insurance, as well. Maryland has seen stolen vehicle claims surge over the last few years, according to the National Insurance Crime Bureau. If you live in an area with more frequent severe weather, like flooding or wildfires, it can impact your premiums, too. What can Marylanders do to save? Grant says to shop around for several insurers. Most think two or three, but five to 10 is what's recommended. Search for discounts, like safety features or bundling policies, which can help keep costs down. Consider a telematics program that monitors how safe you're driving. Then can bring down rates for you, as well. When in doubt, the insurance commissioner's office lines are always open. The office receives dozens of calls daily from Marylanders inquiring about their rates. "I love hearing from Marylanders. Consumers should definitely reach out to us," Grant said. "Fresh eyes never hurt, so we do want to make sure we are asking tough questions of our insurers to make sure they are putting their best foot forward, and that's what we do." Car insurance adds to a budget From the escalating trade war to inflation, it feels like the cost of everything is going up these days. "It's horrible, from car insurance to groceries," a Baltimore resident said. "Everything feels so expensive," said Yaniv Ezra, an Uber driver and student in the city. "I'm a DoorDash and Uber Eats driver, and you can see that barely anyone is buying anything." The rising prices for utilities, food, and gas, mixed in with skyrocketing car insurance, make things tough. "It's very high," Ezra said. "I'm paying $200 a month now just because I moved to the city."
Khaleej Times
a day ago
- Business
- Khaleej Times
UAE: Most residents choose multi-year fixed car insurance premiums, expect hikes soon
Nearly 8 out of 10 – 76 per cent – UAE residents are interested in securing multi-year fixed-rate car insurance policies to safeguard against future premium hikes, according to a new study released on Monday. Global marketing research firm NIQ's latest Consumer Outlook report showed that 7 out of 10 consumers in the UAE are willing to pay a premium for products that offer durability and longevity. Car insurance premiums have risen significantly since April 2024, increasing by a double-digit rate, prompting individuals to reconsider their spending strategies and adopt new cost-saving measures. Over half of surveyed consumers indicated increases in their insurance premiums, and more than 80 per cent expect further hikes, forcing many consumers to adjust their financial plans accordingly. Many car owners in the UAE believe that the primary reasons for recent insurance premium increases are the rising cost of repairs, inflation, insurance company profits and higher claim frequency. In addition, the unprecedented rains in March and April last year were the driving force behind the surge in car insurance premiums as thousands of vehicles were damaged during rain. The survey was conducted online across 300 car owners residing in UAE during March 2025. Loyalty rewards Around 7 out of 10 UAE car owners said they used to utilise loyalty rewards, no-claims discounts, and reduced coverage levels to manage costs as the cost of living rises, according to a new study released on Monday. NIQ's Consumer Outlook report revealed many UAE consumers are shifting towards products and services that promise long-term value. 'While inflation is beginning to ease, its impact on household budgets remains. Consumers are adapting by redefining what value means to them — favouring durability, longevity, and predictability in their purchases,' said Rahul Dixit, strategic analytics and insights leader of the Arabian Peninsula and Pakistan, NIQ. As reported by Khaleej Times last, around 7 out of 10 UAE employees said in a study conducted by Korn Ferry that the rising cost of living is outpacing their salaries, therefore, many are considering leaving their jobs within the next three months.
Yahoo
3 days ago
- Automotive
- Yahoo
Cheapest Car Insurance in Georgia (Only $24 a Month!)
TAMPA, Fla., May 31, 2025 /PRNewswire/ -- Geico and State Farm tie for the cheapest car insurance rates in Georgia, according to a recent report published by The list of the top 10 cheapest car insurance providers and monthly rates is as follows: Geico – $24 AAA – $29 Erie – $37 State Farm – $43 Travelers – $44 Progressive – $46 American Family – $50 Farmers – $60 Allstate – $66 Liberty Mutual $106 In addition to offering lower prices, Geico is a top contender in Georgia due to its excellent financial rating and user-friendly mobile app. Car Insurance Requirements in Georgia Georgia residents are required to have a car insurance policy when driving on public roadways. The state has determined minimum requirements that all drivers must have. Bodily Injury Liability – $25,000 per person and $50,000 for multiple people per accident Property Damage Liability – $25,000 Uninsured/Underinsured Coverage – $25,000 per person and $50,000 for multiple people per accident Melanie Musson, a nationally recognized car insurance expert with urges readers to remember, "Georgia's minimum auto insurance requirements are insufficient for real-life risks. Additional liability coverage is often surprisingly affordable, so drivers should consider carrying higher limits." Finding Cheap Car Insurance in Georgia list of cheapest insurers provides a glimpse of average rates. Individual drivers face specific risks that affect their premium payments. Discounts provide another avenue of savings. Usage-based policies can result in a discount of up to 30%, depending on the company and the driver's habits. Other discounts include military, good student, bundling, and safe driver. Increasing deductibles is another way to save on premiums. Drivers can pay lower monthly premiums by raising their deductibles. Factors Impacting Premiums in Georgia Many factors that affect car insurance rates in Georgia are the same as in any other state, including: driver age, vehicle make and model, and driving history. The driver's address also impacts premiums. Drivers in urban areas tend to pay higher rates than drivers in rural parts of Georgia because the risk of being in an accident and filing a claim is higher in bigger cities. Find out more by reading entire report here: Cheap Car Insurance in Georgia for 2025 (Save With These 10 Companies). View original content to download multimedia: SOURCE
