Insurance Cost Drop

Insurance Cost Drop.

The British Insurance Brokers Association has said that the cost of home and motor insurance has dropped by 6.8% over the last year. Premiums fell by 4.9% in Q2 2014 compared with 2013, but when inflation is taken into consideration the drop is much greater.

The AA has spoken out about these figures and regarding the differences in prices depending on region.

The motoring organisations figures for premiums in the market showed the lowest costs were located in the Isle of Man with an annual comprehensive cover policy priced at £231.49, whereas the most expensive cover was found in London with the same cover costing £922.44.

Reforms by the government and the motor insurance industry to help tackle some issues including fraudulent claims are said to have helped some of the drop in costs.