As if people haven’t got enough to worry about with rising domestic expenditure including higher food bills, utility bills and paying more to fill up their cars, they are now faced with a possible rise in the cost of insuring their cars. This is what is revealed in the car insurance price index produced on a quarterly basis by Confused.com that is a very well known price comparison website.
The index covering the 12 months to December 2022 shows that the average amount paid by motorists to insure their cars here in the UK has increased by £100 per annum to £629 per annum. That is a huge rise of 19% and something that motorists could have done without in these extremely difficult financial times.
In the 4th quarter of 2022 car insurance premiums rose by an average of £43 per annum – up from £586 per annum to £629 per annum.
Where you live is one of the factors that impact how much an insurer charges you to insure your car. The most expensive region in the UK continues to be Inner London with the average amount paid for such cover being £1,008 per annum. That is an increase of £183 per annum over a 12 month period equating to a rise of 22%.
If you happen to live in the North East then the average amount paid for car insurance amounted to £546 per annum. This is £76 more expensive than a year ago.
Those residing in the South East pay an average of £533 per annum with this being an increase of £91 in comparison to a year ago.
The age of a motorist has a bearing on the price they pay to insure their car. It will not surprise people to read that the young driver pays more on average for cover than the more mature driver. As an example, an 18 year old pays an average of £1,715 per annum whereas a 65 year old an average of £385 per annum.
There are numerous providers of car insurance so it may pay you to shop around to insure your car. In this respect, why not get in touch with us as we provide access to an extensive panel of insurers.
