Car insurance comparison website Tiger.co.uk has revealed in its Tiger Watch survey for October that the cost of car insurance has declined by 3% compared to last month.
Car insurance premiums have also fallen by 2.7% year-on-year, taking the cost to a two year low.
The last six months have seen a significant drop in prices, from May 2012 to October a fall of over 8% has occurred.
Male drivers in particular have benefited, with prices for men down 11.5% from May 2012, with women seeing a more modest 4.6% drop.
The difference between the genders is largely due to the recent EU Gender Directive which will mean that gender can no longer be used as a category to price risk for car insurance.
Tiger.co.uk’s Commercial Director Andrew Goulborn said that it was great to be able to report premiums falling to a two year low.
However, Goulborn went on to say that the cost of car insurance was variable, and that young drivers had a seen an increase in cost of 5.1% for men and 3.7% for women.