Motorists will be pleased to read that average comprehensive car insurance premiums have fallen in the first quarter of 2018 according to the Confused.com car insurance price index.
In quarter 2 of 2017 the average cost of such cover amounted to £847 per annum. In quarter 3 of 2017 the average cost of fully comprehensive car insurance was £838 per annum. In the 4th quarter of 2017 the average cost of such cover fell to £827 per annum. In the first quarter of 2018 the average cost of insuring a car on a fully comprehensive basis dropped to £768.
On average a 17 year old is paying £2,003 per annum but it is this age group that has seen the biggest fall in the cost of insuring their cars as their premiums have fallen by an average of £118 per annum in the space of 12 months. That equated to a fall of 6%.
A 21 year old has seen their premium go up by an average of £38 per annum to £1,621 per annum. That equated to a rise of 2%.
A driver aged 68 has seen their premium go up by an average of £40 per annum to an average of £543 per annum. That equates to an average increase of 8%.
Those motorists who live in Inner London have seen the biggest fall in premiums with an average drop of £81 per annum in comparison to 12 months ago. That equates to a fall of 6%. However, that part of the UK is, on average, paying more for their cover than anywhere else. If you live in the Scottish Borders then you may not be happy as premiums have risen by an average of £32 per annum to £579 per annum when compared with a year ago. That equates to a rise of 6%.
The cost of running a car appears to continue to get more expensive due to a variety of factors. Therefore, we are sure that many motorists will welcome the above news and let us hope that motor insurance premiums continue to drop in the coming months and beyond. We will continue to provide an update periodically as to what is happening with the cost of insuring a car. Do remember to shop around for your cover whether you are looking to insure your first vehicle or if your existing policy is shortly due for renewal.