He said: “I have a perverse warning on car insurance. This is it. Car insurance prices have dropped. They have gone down.

“After year after year rises on car insurance, now we finally have the opposite. So 16% down year-on-year is a pretty consistent figure across lots of different people who are monitoring this.

“Some say it’s up to 20 percent down but that’s on the back of huge rises. We’re nearly 16% up on the 2021 price but we’re down 16 percent on last year’s price with an average price of £834.

“So what is my perverse warning, it’s this. When you get your renewal, if your price is the same, because everyone has been so used to year-on-year rises, people go ‘oh my renewal hasn’t gone up, great, they are finally giving me a decent deal’, no.

“If your price is the same then you are still paying too much because the price of the market has dropped by 16%.

“My perverse awning is a warning against complacency. The market has come down. This year on average you should be paying 16% less than last year.”

The data comes from a leading analysis by Confused.com’s Car Insurance Price Index. 

Experts found that comprehensive car insurance premiums have decreased by 16% (£161) during the past year.

Analysis found that this was the biggest annual percentage decrease for car insurance since 2014.

It has left average bills at the £834 mark despite two years of staggering premium rises.

Martin added: “If your price hasn’t come down by about 16% then what you need to go and do is make sure you’re checking across the market to see if you are still overpaying.

“The nature of the warning says when you get your renewal this year don’t think ‘great. I’m paying £800. I’m now paying £790, they brought it down’. Because if you’re paying £800 you should be paying over £100 less this year.”