Small Rise In Car Insurance Premiums In Q2 2022

Many people in the UK are struggling financially with inflation not far off 10% due to a number of factors such as the rising cost of food, the cost of filling up the fuel tank of a family car sometimes exceeding £100 and higher gas and electricity bills. So, any increase in things like the cost of insuring a car will not be welcomed.

According to the Car Insurance Price Index, the average amount paid for such cover in the second quarter of 2022 amounted to £554 per annum. This was only a £4 per annum increase in comparison to the first quarter of 2022 but is a £32 per annum rise in comparison to a year ago. That is money that would have been better in the pockets of people to spend on other things.

Young drivers continue to pay the most for their car insurance with an 18 year old paying an average of £1,452 per annum – in some cases that may be more than some youngsters are paying per month to repay a car loan. A 32 year old is paying an average of £692 per annum. A 69 year old is paying an average of £312 per annum.

It may not come as a surprise to readers to hear that the most expensive region in the UK to insure a car is for those residing in Inner London where the average cost of such cover amounted to £882 per annum. If you live in the North region the average premium is £475 per annum. In South East region it is £464 per annum on average. In South West region it is an average of £373 per annum. In Central and North Wales region it is an average of £386 per annum. In Northern Ireland region motorists pay an average of £594 per annum to insure their cars.

You will be aware that there are numerous providers of car insurance. So, whether you are a young motorist wishing to insure their first car or your existing cover is soon coming up for renewal, why not shop around. In this respect, we provide access to an extensive panel of insurers so why not contact us for a competitive quotation without any obligation.

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