Car Insurance Premiums Fall In Q2 2020

Motorists will be pleased to read that, according to the Car Insurance Price Index, the average cost of insuring a car fell by £39 per annum in the second quarter of 2020 when compared to the previous quarter.

In the second quarter of 2020, the average amount paid for fully comprehensive cover was £770 per annum whereas in the first quarter of 2020 the figure was £809 per annum. That equates to a fall of 4.82%.

The above index reveals the following average premiums on a quarterly basis in the last 12 months: –

Q3 2019 £783 per annum
Q4 2019 £815 per annum
Q1 2020 £809 per annum
Q4 2020 £770 per annum

Apparently, the drop in Q2 of 2020 is the biggest quarterly reduction in more than two years.

If you live in Inner London, you are, on average, paying more than any other region in the UK with the average cost of such cover being £1,202 per annum. That is a fall of £70 in the space of three months so let’s hope that we continue to see a downward trend.

A motorist’s age is a significant factor in how much they will be charged for their car insurance. For instance, if you are 18 years of age then you can expect to pay an average of £2.134 per annum. It is people of that age who are paying the most for their cover. A 21 year old is paying an average of £1,525 per annum with this being £118 per annum lower than what someone of that age was paying three months ago. If you are 36 years of age, you would be paying an average of £631 per annum and if you are 67 years of age you can expect to pay an average of £460 per annum.

So, if your motor insurance is coming up for renewal, why not get in touch with us to obtain a no-obligation, competitive quotation.

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