This represents the biggest quarterly decrease in four years and is the first time prices have fallen since 2015, with United Kingdom motorists now paying an average of £768 for cover.
The number of cars registered to women has risen by 21% since 2007 to 11.8 million, according to the Society of Motor Manufacturers and Traders. However, in September the Ministry of Justice said it would revise the scheme.
It also confirmed plans to reverse last year's changes to the Ogden rate - which is used to calculate injury compensation - after hearing insurers' complaints that victims were being overcompensated. Although insurers can't set premiums based on gender, women generally pay less because they have fewer high-value claims and motoring convictions.
"Being loyal doesn't always pay, so to get the message across to cost-burdened drivers the team and I are guaranteeing to beat the price insurers are charging at point of renewal".
The Ogden rate is a formula used to calculate compensation for accidents, and a new rate proposed by the government past year sparked outrage among insurers and threats of huge premium increases.
The most significant drop has been in the past three months, the report claims, with annual premiums falling by around £59.
Some age-brackets are bucking the downward trend, such as 68-year olds, who have seen their premiums rise by £40, or 8 per cent, since last year.
The smallest premium is paid by female drivers aged between 61 and 65with a bill of just £363, which is less than half the national average.
Outside of Scotland, motorists living in Central and North Wales saw the second biggest price rise, with premiums up by £10, or 2 per cent, to £629.
According to the figures, the average premium price has dropped by 2% to £768 over the past year, with reforms regarding whiplash claims and changes to how compensation is paid being cited for the fall. However, drivers in London can celebrate - their premiums have fallen by around 6% compared with the same period in 2016/17. After years of tax hikes and rising premiums, a third of drivers say auto insurance is becoming unaffordable.