For some months now we have been pleased to report that there has been a steady fall in motor insurance premiums so it is disappointing to read that, according to the Confused.com car insurance price index, there has been a small increase in the average premium for car insurance. In the 3rd quarter of 2018 the average cost of fully comprehensive car insurance rose by £8 per annum from £752 per annum in the 2nd quarter of 2018 to £760 per annum.
It may not be a large rise but it is still disappointing to hear of this and is something that the motorist could do without. Let us hope that it is a temporary blip and that when the above price comparison website publish the figures for the 4th quarter of 2018 there has been a turnaround.
It is 17 year old motorists who have seen the biggest increase in the cost of insuring their cars when comparing Q2 and Q3 of 2018. In the space of 3 months the average cost of their car insurance rose by £64 per annum to £1,953 per annum. A 26 year old driver found their premium go up by an average of £38 per annum to £1,024 per annum – an increase of £38 that equates to an extra 4%. Unfortunately, 18 year olds are paying more than any other age group for their cover at an average of £2,058 per annum.
On a regional basis, it is motorists in Inner London who are paying most for their car insurance with an average premium of £1,157 per annum. Those drivers in Kirkwall in Scotland have seen premiums go up by an average of £130 per annum in the space of a mere 3 months. This equates to a rise of 22%. If you live in Northern Ireland then you will be pleased to read that premiums fell by an average of £181 per annum in the space of 12 months.
On a gender basis, men are paying, on average, £802 per annum whereas women are paying an average of £708 per annum. That is a difference of £94 per annum – a significant amount.
It is important that if you have received your annual renewal quote or are looking for cover to insure your first car that you shop around and see what other providers are charging. Too many people do not do this and potentially some people could be missing out on making some significant savings on their motor insurance. It doesn’t take long to get one or more quotes through a price comparison website.