Competitive renewals and innovative pricing deals has added up to cheaper motor insurance premiums, a report by Datamonitor said today.
The report, UK Motor Insurance 2004/05, said the emergence of online insurance and the growing number of retailers and supermarkets in the sector has increased competition and pushed prices down.
The average coverage cost UK consumers £750 in 2004, the report said.
The report also said the way people are buying their motor insurance is beginning to change. And there are other changes in the market:
·The number of cars being brought has slowed down
·Women are considered to be safer drivers, as a result women will continue to benefit from cheaper insurance premiums.