Although it is pleasing to hear that the average premium paid my motorists to insure their cars has reduced between the first and second quarter of 2024 by an average of £59 per annum it is still of concern that over the last year the average cost of car insurance has grown by £106 per annum with this equating to a 14% rise.
According to the well-known car insurance price index for the second quarter of 2024 that has been published by Confused.com since way back in 2006 the average car insurance premium amounted to £882 per annum.
You may be aware that there are numerous things that affect how much car insurance providers charge to insure cars. For instance, your age, where you live, how many miles you drive in your motor vehicle every year, what make and model of car you drive and your claims history.
If you happen to reside in Inner London then, on average, you are paying more to insure your car than if you live in any other region within the UK. On average, premiums amount to £1,404 per annum with this being £147 per annum more than how much you would have been charged a year ago. In percentage terms, premiums in Inner London have gone up by 12%. Compare that with South Wales where premiums have increased to an average of £686 per annum – a significant reduction when compared with Inner London.
It should not surprise drivers to also hear that it is the young motorist who, on average, pays more then the more mature, experienced driver to insure their car. One of the reasons why this is the case is due to the fact that young motorists are more likely to be involved in a road traffic accident. The most expensive age for someone to insure their car is at age 18. At that age premiums averaged £2,960 per annum. At age 17 premiums averaged £2,776 per annum. In some cases, those levels of premiums may exceed the monthly payments on some young motorists car finance. Compare those figures with a 38 year old who is paying an average of £968 per annum.
It really is important that when you receive your renewal notice for your car insurance for the next 12 months that you take time to study it and check if your premium is going up. If it is or even if you are fortunate to find that it hasn’t risen devote some time to shopping around to see if you can arrange suitable, quality cover with another insurer at a lower premium. In that respect, why not make contact with us with a view to obtaining a no-obligation car insurance quotation.
