According to the Confused.com Car Insurance Price Index that is produced on a quarterly basis covering the third quarter of 2022 there was a big increase in premiums when compared with the cost of car insurance a year ago. This will come as disappointing news to motorists at what is a difficult financial period for many people in the UK with inflation on the increase.
There are numerous factors that affect how much you pay to insure your motor vehicle with one of those being where you happen to reside in the UK.
In the third quarter of 2022 the average amount paid for car insurance in the UK amounted to £586 per annum. A year ago premiums amounted to £514 per annum so there has been an increase of £72 per annum equating to a 14% increase.
If you happen to live in Inner London then the average amount paid for car insurance amounted to £936 per annum. That is more than any other region in the UK. In the last 12 months premiums rose by an average of £132 per annum equating to a rise of 16%.
On average, premiums in the Scottish Borders were the lowest in the UK at £391 per annum with premiums rising by £64 per annum equating to a rise of 20%.
Another factor that affects how much you are charged for your car insurance is how old you are. As a general rule, the younger you are the more you can expect to pay for your motor insurance as you are likely to be a less experienced driver and therefore more likely to be involved in a road traffic accident and claim on your motor insurance policy.
The above index revealed that an 18 year old can expect to pay an average of £1,581 per annum for their car insurance whereas a 30 year old can expect to pay an average of £790 per annum and a 69 year old motorist an average of £355 per annum.
Unfortunately, there are still an awful lot of motorists who do not bother to compare a number of car insurance quotes from different insurers yet it is something that can be quickly done by using the likes of a price comparison website although it should be borne in mind that not all insurance companies use a price comparison website.
