The Confused.com Car Insurance Price Index has been produced for the last quarter of 2017 and it will probably not come as a surprise to motorists to read that the average cost of fully comprehensive car insurance has risen by circa £60 per annum to £827 per annum when compared with the same quarter of 2016. This equates to a rise of 8% that we are sure our readers will agree is no small sum and one that the motorist could have done without.
The majority of motorists have seen the cost of their motor insurance go up over the above period. On average, motorists aged 67 and those aged 65 have seen their premiums go up by 13% per annum when comparing quarter 4 of 2017 with quarter 4 of 2016. That works out at increases of £59 and £60.
Nevertheless, a motorist aged 66 is being charged an average of £460 per annum for their car insurance with this being the lowest priced age bracket. On average, motorists over the age of 60 are paying less than £600 per annum for their cover.
It is no secret that it is the young driver who is being charged more for their car insurance than any other age. For instance, the average amount paid by an 18 year old is £2,220 per annum with this being the highest amount paid by any age group. It is those young motorists who are having to pay the most for their car insurance who could probably do without seeing their premiums rise.
It is interesting that a 17 year old is paying an average of £2,204 per annum, a 21 year old is being charged an average of £1,723 per annum, a 34 year old is paying an average of £710 per annum, a 51 year old is having to find an average of £718 per annum and a 68 year old is paying an average of £561 per annum.
On a regional basis, it is the Borders of Scotland that has witnessed the largest rise in premiums with premiums going up by 17% per annum. In monetary terms this equates to a rise of £92 per annum. Motorists in Inner London are being charged the most for their car insurance at an average of £1,283 per annum.
We have mentioned it on many other occasions in previous posts but motorists should seriously consider shopping around for their car insurance both when he or she is looking for a quote for the first time or your existing policy is shortly to expire. One of the ways of doing this is to use a price comparison website as, in doing so, it may provide you with an opportunity to get a competitive quotation.