According to the latest Confused.com car insurance price index that has been produced in association with Willis Towers Watson covering the first quarter of 2016, the average cost of fully comprehensive car insurance appears to have stabilised when compared with the last quarter of 2015. This is a pleasing to read as premiums seem to have been increasing progressively since Q2 of 2014 although it remains to be seen if this situation will continue.
Although comprehensive car insurance premiums have, on average, stabilised when comparing Q4 2015 with Q1 2016, you may wish to shop around to see if you are able to get the same, suitable level of cover but for a lower premium.
However, the average cost of fully comprehensive car insurance in the first quarter of 2016 was £671 per annum. This is some 14% higher than it was 12 months ago when it stood at £590 per annum but is well below its peak of £858 per annum seen back in the second quarter of 2011.
It is interesting when you compare the average change in comprehensive car insurance premiums in the past 12 months between men and women. In the year to Q1 of 2016, men saw such premiums rise by 15% to £705 – up from £615 in Q1 of 2015. In the year to Q1 of 2016, women saw such premiums rise by 12% to £629 – up from £560 in Q1 of 2015.
Those motorists that were 60 and 36 years of age saw the biggest % rise in such premiums in the 12 month period to Q1 of 2016 with both seeing a 19% increase. Those aged 60 were paying an average of £417 per annum in Q1 2016 and those aged 36 were paying an average of £546 per annum in the same quarter.
Interestingly, those drivers aged 17 saw their premiums drop by an average of 4.4% between Q1 of 2015 and Q1 of 2016. However, the average premium paid by a 17 year old for fully comprehensive cover was £1,895 per annum in Q1 of 2016.
It is young male drivers living in Inner London who are paying the most for the above level of cover in Q1 of 2016. On average a male aged between 17 to 20 was paying £2,970 per annum.
When you compare price changes around the UK, it is motorists in Northern Ireland that have, on average, seen the biggest % rise in premiums. Premiums have gone up by 17% when comparing Q1 of 2015 with Q1 of 2016. This equates to an increase of £118 in annual premium.
We trust that you have found the above information about comprehensive car insurance premiums to be of interest. We will continue to update you in the future.
