The cost of living continues to have a negative impact on an awful lot of people here in the UK. Mortgage repayments are still high as is rent on properties. Utility bills have risen for a large number of people. So it is pleasing to hear that the average cost of insuring a car has reduced in the third quarter of 2024 according to the Confused.com Car Insurance Price Index that is produced on a quarterly basis.
In the third quarter of this year the average amount paid by motorists to insure their cars amounted to £861per annum. This is a fall of an average of £21 per annum when compared with the previous quarter when premiums averaged £882 per annum.
If you go back to the 4th quarter of 2023, the average premium paid by motorists in the UK to insure their cars totalled £995 per annum so premiums have come down by an average of £134 per annum. We are sure that you will agree this is a significant fall.
Where you reside is one of the numerous things that dictate how much you are charged for your car insurance. If you happen to live in Inner London then this region is, on average, the most expensive region in the UK to insure a car with premiums averaging £1,357 per annum. However, it is pleasing to note that this is £146 per annum lower than a year ago.
Those living in the North East are paying an average of £742 per annum for car insurance. The cheapest region is the South West with premiums averaging £571 per annum – such a difference when compared with Inner London. There is presumably a greater risk of being in a road traffic accident or having your car stolen if you live in the Capital.
It probably will not be a surprise to read that it tends to be the younger driver who is charged the most to insure their car. A 17 year old pays an average of £2,727 per annum. A motorist who is aged 23 will be charged an average of £1,671 per annum. Get to 45 years of age and expect to pay on average £814 per annum.
You really should consider shopping around for your cover. It doesn’t matter whether you are looking to insure your first car or your existing cover is coming up for renewal. Take a little time to get a competitive quote. In this respect, feel free to give us a call with a view to obtaining a no-obligation quotation as we provide access to an extensive panel of reputable insurers.
