As if people in the UK haven’t got enough to worry about with escalating domestic expenditure such as the cost of putting food on the table. Now we hear that the average cost of insurance a car has hit a record according to Confused.com whom you are probably aware are a price comparison website that has been around for many years.
On a quarterly basis, it produces the Confused.com Car Insurance Price Index. To do so, it looks at several million car insurance quotations it produces every three months.
Confused.com has just published this report covering the 4th quarter of 2023. It reveals that in the last quarter of 2023 the average premium paid by motorists in the UK to insure their cars amounted to £995 per annum. That is an increase of £71 per annum when compared to the previous quarter when premiums were an average of £924 per annum. A year ago, premiums averaged £629 per annum so they have risen by £366 per annum – an extra 58%.
Younger drivers are, on average, charged more to insure their cars than other age groups as, statistically, they are more likely to be involved in a road traffic accident than an older, experienced motorist. £For instance, an 18 year old is paying an average of £3,162 per annum, a 17 year old an average of £2,877 per annum and a 40 year old an average of £1,000 per annum.
Where you happen to reside has a bearing upon what a car insurance company will charge you to insure your vehicle. The cheapest region is the South West with premiums averaging £636 per annum. However, that is an average increase of £219 per annum – an extra 53% when compared with a year ago. If you live in Inner London then the average premium is almost £1,000 more at £1,607 per annum with this being £599 per annum more than 12 months ago – an extra 59%.
If you are looking for car insurance for the first time or your existing cover is coming up for renewal make sure you shop around to try to find a great deal. In this respect, please feel free to contact us to get a competitive quote.
