The latest Consumer Intelligence Car Insurance Price Index shows that 20% of the five cheapest quotes for drivers aged 25 to 49 now come from telematics firms, after they have long been positioned competitively for younger drivers.
An uptick has also occurred for the over 50s, with telematics products now accounting for 8% of the five cheapest quotes returned for this age group.
This insight comes from the latest Consumer Intelligence Car Insurance Price Index, which reveals car insurance premiums have plummeted 8.4% in the last 12 months, with the average policy costing £779. But the increase in telematics products appearing in the top 5 results on price comparison websites (PCWs) isn’t the only downward driving force in the market.
Harriet Devonald, product manager at Consumer Intelligence, said: “We are seeing a downward trend for premiums across the board—in all of our age and regional segments—and it’s not just the uptick in telematics quotes behind the plummeting premiums.”
“With the FCA’s pricing remedies coming in at the end of the year, some brands are looking to gain volume while they can. Others, who benefited from a quiet year of motor claims in 2020, have been able to pass savings onto customers, whilst other brands are following the market downward in order to remain competitive.”
“It’s unlikely that this trajectory will continue as we move through the second half of the year. Once the ne