On a quarterly basis, Confused.com publishes its car insurance price index that provides data relating to fully comprehensive car insurance here in the UK. The most recent report covering the third quarter of 2019 shows a rise in premiums over the last twelve months.
The average cost of fully comprehensive car insurance here in the UK for the third quarter of 2019 reveals that premiums are now £783 per annum. A year ago, the figure was £760 per annum. That is a rise of £23 per annum – an extra 3%.
This news will disappoint motorists. It is to be hoped that premiums start to come down in the coming months.
It is no secret that it is young, inexperienced drivers who pay more for their cover than other motorists as, statistically, they are more likely to be involved in a road traffic accident than a mature driver with many years experience behind the wheel of a car. The above index shows that the average price paid by an 18 year old is £2,067 per annum. A 19 year old is paying an average of £1,938 per annum with this being £42 per annum more than a year ago. A 23 year old is being charged an average of £1,306 per annum. On average, a 34 year old is paying £683 per annum. A 51 year old pays an average of £676 per annum and a 68 year old an average of £526 per annum.
The most expensive region in the UK for fully comprehensive car insurance is Inner London in which premiums average £1,213 per annum. This is £56 more than it was a year ago. Motorists living in Manchester and Merseyside pay an average of £1,005 per annum. In Northern Ireland, the average cost is £942 per annum with premiums having gone up by £69 per annum in the last 12 months.
Interestingly, female drivers pay an average of £737 per annum whereas male drivers pay an average of £821 per annum. That is a huge difference of £84 per annum. Do bear in mind that, under the EU Gender Directive, insurance companies providing car insurance and certain other types of insurance are not able to charge a driver more due to which sex they are.
Further research by Confused.com has revealed that those renewing their car insurance in Q3 of 2019 are paying an average of £53 per annum more than they were a year ago and that 38% of them are still just renewing their cover with their existing insurer. Did you know that, on average, people stay with the same car insurance provider for a period of three years? You really should shop around to see if you could get a better deal on your car insurance.