Motorists really could do with some positive news at the moment especially bearing in mind we are currently seeing high prices for a litre of fuel on forecourts here in the UK. So, it is pleasing to hear that the average cost of motorists insuring their cars has gone down in the first quarter of 2024. This is the first reduction in over 24 months.
According to Confused.com that produces its car insurance price index every 3 months, the average premium has reduced by £54 per annum to an average of £941 per annum. This is a small drop of 5% but nevertheless a welcome one. Wouldn’t it be lovely that this continues to happen in future quarters.
Having said the above, it is still worth remembering that car insurance premiums have gone up by an average of £284 per annum in the last 12 months. That is a rise of a very large 43%.
Where you happen to live is just one of the numerous factors as to how much your motor insurer will charge you to insure your car. For example, if you live in South Wales then you will pay an average of £734 per annum with this being £206 per annum more than a year ago – a rise of 39%. Unfortunately, those of you living in Inner London will, on average, pay more than in any other region within the UK – an average of £1,501 per annum with this being a rise of 41% when compared with a year ago. If you live in the highlands and islands of Scotland then premiums averaged £674 per annum – a rise of 43% in the space of 12 months.
How old you are also impacts your car insurance premiums. A young motorist aged 17 will pay an average of £2,919 per annum but it is 18 year olds who are being charged the most to insure their cars with premiums averaging £3,145 per annum. As a general rule, to a point, the older you are the lower you are charged to insure your car.
It is important that you seriously consider shopping around for car insurance to try to get a good deal. In that respect, why not get in contact with us to obtain a no-obligation, competitive car insurance quote.
