Unfortunately for the motorist, the average cost of comprehensive car insurance has increased in the second quarter of 2016. According to the Confused.com Car Insurance Price Index that is produced with Willis Towers Watson, premiums for such cover rose by an average of 6% in the aforementioned period.
As a result the motorist is now paying an average of £715 per annum for such cover with this being an increase of £44 per annum in just 3 months and a rise of £115 (19%) when compared with a year ago. We are sure that all motorists will agree this is a huge disappointment.
All regions of the UK have seen premiums increase with the biggest rise being seen in Northern Ireland where premiums have gone up by an average of 25%. This now means that the average premium for such cover is £863 per annum. The region that has seen the lowest increase is in central and north Wales where increases of 2% per annum took place with the average premium now standing at £572 per annum.
There were only two places in the UK that saw premiums fall – Kirkwall in the Orkney Islands and Hereford where premiums dropped by 4% and 2% respectively in the second quarter of 2016 in comparison to the first 3 months of this year.
Motorists of all ages have seen the cost of car insurance increase with those that are 61 years of age seeing the largest rise. They have seen their premiums increase by 24% per annum over a 12-month period with the average cost of comprehensive cover now costing £418 per annum. Whilst it is the young driver who is still paying the greatest amount in premiums, those aged 17 saw the lowest percentage rise in premiums with an increase of 8% to an average of £2,013 per annum.
If you compare the premiums paid by men and women you will find that, in the second quarter of 2016, men are paying an average of £756 per annum yet women are paying an average of £664 per annum. That is a difference of £92 per annum.
With car insurance premiums, on average, having increased it is perhaps important that you try to obtain a competitive price if you are either looking for cover for the first time or your existing policy is shortly coming up for renewal. In that respect, you may wish to shop around by using the likes of one or more price comparison websites.