There are an awful lot of people struggling financially in the UK at the present moment in time and they have been for quite a while due in part to the coronavirus pandemic and the current recession. So, motorists could do without car insurance premiums reaching an all time high which is what a report from a well known price comparison website has revealed.
According to the latest Confused.com Car Insurance Price Index that is produced on a quarterly basis the report covering the second quarter of 2023 reveals that the average cost of car insurance here in the UK has reached £776 per annum.
In the first quarter of 2023 the average car insurance premium amounted to £657 per annum so that is a huge rise of £119 per annum equating to 18% in the space of only three months. A year ago the average amount paid for car insurance was £554 per annum so premiums have risen by an average of £222 per annum with this equating to a 40% rise.
Unfortunately, if you happen to reside in Inner London, that region has seen the largest rise in the UK with premiums averaging £1,257 per annum – an increase of £375 with the equating to an increase of 43%. If you live in the West Midlands then premiums now average £940 per annum with this being a rise of an average of £281 per annum equating to 43%. The South West reveals the lowest average premium at £509 per annum with this being £136 per annum more than a year ago equating to a rise of 37%.
As you may well know age plays a factor in how much you pay for your car insurance and it is the young motorist who tends to pay more on average. For instance, an 18 year old is paying an average of £2,404 per annum with this being £951 per annum more than twelve months ago – a rise of 65%. A driver who is 69 years of age is paying an average of £413 per annum with this being an increase of 32% in the space of a year.
So, what can you do? Well, shopping around for a competitive premium would be a sensible way forward. There are numerous providers of car insurance here in the UK looking to take on new business. So, if your existing cover is shortly coming up for renewal or you new to motoring looking for your first car insurance policy why not get in touch with us at your earliest convenience as we provide access to an extensive panel of quality insurers. We look forward to hearing from you.
