According to the Confused.com Car Insurance Price Index covering the third quarter of 2017, the average cost of comprehensive car insurance has fallen by 1% in the above quarter. This equates to a modest drop of £9 per annum. Regrettably, it is being forecast that premiums may well increase in the coming months so this price reduction may be short lived.
Whilst this reduction is to be welcomed it should not be forgotten that in the previous 12 months average premiums have increased by £101 per annum with premiums now averaging £838 per annum. This equates to a rise of 14% – a significant increase.
It is motorists who are 17 years of age who are paying the most for their comprehensive car insurance with premiums averaging £2,272 per annum. That figure is no doubt more than some of these youngsters are paying per month for their car loan. An 18 year old driver is paying an average of £2,266 per annum. Someone who is 21 years of age is paying an average of £1,759 per annum, someone 34 years of age is paying an average of £705 per annum, a 51 year old driver is paying an average of £717 per annum and a 68 year old is paying an average of £566 per annum.
The area in the UK that has seen the biggest increase in average car insurance premiums this year is the Borders of Scotland with premiums going up by £164 to £684 per annum. That equates to a rise of 32%.
It is interesting that men are paying more on average for their car insurance than women. The former pay an average of £890 per annum compared to the later who are paying an average of £774 per annum.
It is important that if you are looking for car insurance for the first time or if your policy is shortly coming up for review that you seriously consider obtaining a number of comparative competitive quotes from different providers. One of the ways of doing this is to use one or more price comparison websites that are usually accessible 24/7.