So many household bills are increasing such as utility bills, rent repayments and the cost of putting food on the family table. Further rises in the cost of car insurance is something that people could do without.
Unfortunately, that is exactly what is happening to car insurance premiums and they are increasing regularly which is something that motorists would prefer not to happen.
On a quarterly basis, the price comparison website Confused.com publishes its car insurance price index. Regrettably, the latest index covering the first quarter of 2023 makes for poor reading. Premiums for car insurance have risen on average by £107 per annum in the 12 months to the first quarter of 2023 with premiums averaging £657 per annum. That is the highest premiums have been in the last 12 years.
Did you know that as a rough rule of thumb, the older you are the lower the cost of insuring your car? As an example, a 30 year old pays an average of £886 per annum but an 18 year old pays an average of £1,845 per annum.
One of the reasons why age is one of the factors insurance companies uses to work out how much to charge a customer is the risk factor. A young driver is more likely to be involved in a road traffic accident than an experienced, mature driver. A young driver is more likely to be driving around in a powerful nippy vehicle.
If you live in Inner London then the cost of insuring your car is possibly going to be more than if you lived anywhere else in the UK. In Inner London, premiums average £1,067 per annum whereas if you lived in Leeds/Sheffield the average premium is £745 per annum.
If your existing car insurance is coming up for renewal why not make contact with us to get a competitive quotation without any obligation. We look forward to being of service.
