Motorists will be disappointed to read that the Confused.com car insurance price index that is produced in association with Willis Towers Watson reveals that the average cost of comprehensive car insurance has risen by 16% in the last year up to the end of the third quarter of 2017 here in the UK. Regrettably, that is a huge increase that drivers in the UK could do without.
The average cost of car insurance for young motorists is high in comparison to older motorists.
On average the cost of such cover is now £781 with this equating to an increase of £110 per annum. There has been a £14 per annum increase when compared with the 4th quarter of 2016 when the average cost of such cover was £767 per annum.
In percentage terms, the biggest increase as far as age is concerned is for those 66 years of age. Such motorists have seen an average increase of 23% in the space of a year. That means that the average amount paid by such motorists for the above level of cover is £447 per annum.
The biggest increase in the amount of premium paid is for those less than 26 years of age. In the space of just a year, a motorist that is 17 years of age is paying an average of £202 per annum more for their cover. That is an 11% increase making the average premium £2,121 per annum. That figure may be more than some young motorists spend on repaying a loan for a car each year.
On average men are paying more for their cover than women by £96 per annum. The average premium paid by men for fully comprehensive car insurance is £824 per annum. That was a rise of £119 that equates to a 17% rise in the space of a year. The average premium paid by women for this level of cover is £728 per annum. That was a rise of £99 that equates to a rise of 16% in the space of a year.
Where you live in the UK also has an impact on the cost of your cover. The region that has seen the biggest rise in premiums over tbe past year was the Scottish Highlands and Islands with the average annual premium being £594. That is a rise of 21% with this equating to an increase of £102 per annum.
With so many insurance companies offering car insurance it is worth shopping around to see if you can get the required level of cover for a competitive premium. One possible way of doing this is to use one or more price comparison websites.
