If you own a car then you will have to make sure that it is insured otherwise you will be breaking the law unless the vehicle is declared SORN (Statutory Off Road Notification) and kept off the public road system. Unfortunately, news that the average cost of insuring a car has gone up in the 4th quarter of 2019 will disappoint motorists.
According to the Confused.com Car Insurance Price Index, the average premium paid by a motorist for fully comprehensive cover has risen to £815 per annum in the above quarter. That is a rise of £32 per annum when compared to how much such cover cost in the 3rd quarter of 2019. This equates to an increase of 4%. In the last year such cover has gone up by £41 per annum equating to a rise of 5%. Such premiums are now not far off the peak seen in 2011 of £858 per annum.
It will probably not come as a surprise for motorists to read that, according to the above index, it is the younger motorist who is, on average, paying more for their motor insurance. For instance, an 18 year old is paying more than any other age bracket with the average cost of their comprehensive car insurance being £2,130 per annum. That is a rise of £147 per annum over a 12 month period equating to an increase of 7%. A 19 year old pays an average of £1,990 per annum – an increase of £137 per annum equating to a rise of 7%.
The price certainly drops for some more mature drivers with a 38 year old paying an average of £672 per annum and a 69 year old being charged an average of £481 per annum.
Unfortunately, if you reside in Inner London, you will be disappointed to read that your region is, on average, the most costly for comprehensive car insurance in the UK with premiums for such cover now being £1,260 per annum – an increase of £91 per annum equating to a rise of 8% in the past year. It is interesting that in Shetland such premiums have jumped by an average of £328 per annum from £587 per annum to £915 per annum in the space of a three month period.
Women pay, on average, £767 per annum for such cover whilst men pay an average of £854 per annum. That is a difference of £87 per annum on average.
It is important that motorists shop around for their car insurance to try to find a competitive price whether he or she is looking for cover for the first time or are already a car owner whose existing policy is shortly due for renewal. One way of doing this is to use the services of a price comparison website.