Motorists will be pleased to read that there has been a reduction in the average premium charged by insurance companies for fully comprehensive car insurance here in the UK in the third quarter of 2020 in comparison to what insurers were charging in the second quarter of 2020. This is based on figures published in the Confused.com car insurance price index.
It may have only been a drop of an average of £5 per annum but at least it is in the right direction. In the third quarter of 2020 the average amount paid by motorists was £765 per annum whereas in the second quarter of 2020 the figure was £770 per annum. Let us be honest, any drop is to be welcomed. Apparently, over a 12 month period, premiums have fallen by an average of £18 per annum.
However, an interesting statistic relates to car insurance renewal premiums as research has revealed that in excess of 75% of motorists who were in receipt of their renewal notice in the last three months found that the cost of their cover was going up by an average of £44 per annum. That is quite an increase especially in the current economic climate that we are all facing partly due to the pandemic. We wonder how many of those motorists decided to see if they could get a better deal with another insurance company.
Unfortunately, if you reside in Inner London, you are paying on average more for your car insurance than any other region in the UK with the average premium being £1,234 per annum. This is an increase of £21 per annum when compared with the same period last year. All other regions saw premiums fall. The North West saw the biggest drop of £41 per annum.
Young drivers pay more for their cover than the more mature motorist but this is not surprising as they are more likely to be involved in a road traffic accident. It is 18 year olds who are paying the most for their cover – an average of £2,091 per annum with this being £24 more than a year ago. A 17 year old is paying an average of £1,911 per annum. A 33 year old is paying an average of £705 per annum. A 36 year old is paying an average of £629 per annum. A 67 year old is paying an average of £454 per annum.
A female driver is paying an average of £719 per annum compared to a male driver who is paying an average of £810 per annum. That is a difference of £91 per annum.
You really ought to shop around to see if you can get a better deal. So, why not get in contact with us and see if we can help source quality, competitive car insurance for you.
