The average price of car insurance in the UK has broken records to stand at close to £1,000 after price rises of more than 50% last year, according to new data.with reports of premiums rising to nearly 90% in some cases.
Drivers can now expect to pay £995 for their car insurance, on average – the highest price ever in the UK – according to the latest index published by the price comparison website Confused.com.
Prices rose sharply during last year, making car insurance almost unaffordable for many people, particularly if they have made a claim in recent years. Prices increased by an average of £366 (or 58%) in the past 12 months, Confused.com said.
The staggering rise in the cost of car insurance was been one of the big drivers of inflation, which last year hit a 40-year high. Three-quarters of drivers who renewed a policy in the last three months reported paying more than the previous year –
Motorists aged between 17 and 20 have seen their premiums double on average over the past 12 months, from £1,423 to £2,877, according to Confused.com. The site, in conjunction with the data firm WTW, compared more than 6m car insurance quotes, andaveraged the five cheapest sums to come up with its index.
An 84% increase in the price paid by 18-year-olds means they are now paying more than £3,000 for the first time. All drivers up to the age of 43 can expect to pay £1,000 or more for their car insurance, on average, the study said.
London remains the most expensive region in the UK for car insurance. Drivers in inner and outer London pay £1,607 and £1,291 respectively, on average.
Drivers in Northern Ireland have tipped over the £1,000 mark for the first time. A 64% or £350 increase in prices in central Scotland means premiums have doubled in two years, to £897 a year.
In November, Direct Line told City analysts it had increased its premiums by 37%. In August, Admiral announced it had raised prices by 20% during the first half of the year in response to high inflation and repair costs.
Last May (2023), the fully-comprehensive policy premium price for my car
was £205.43.
It'll be interesting to see how much it is in four months' time.
In May 2022, the price had been *higher*: £207.93.
Last year, my wife's (fully comp) premium was £165.90. The previous
year: £179.20.
Of course, we are not only careful drivers and careful/law-abiding
road-users in general, but we don't use the cars as much as we used to a
few years ago.
Any word on how much the premiums for chav-cyclists are going up?
Or, as a proxy for that, the size of increases in the cost of
fridge-freezer insurance?
JNugent <jnugent@mail.com> wrote:
Last May (2023), the fully-comprehensive policy premium price for my car
was £205.43.
It'll be interesting to see how much it is in four months' time.
In May 2022, the price had been *higher*: £207.93.
Last year, my wife's (fully comp) premium was £165.90. The previous
year: £179.20.
Of course, we are not only careful drivers and careful/law-abiding
road-users in general, but we don't use the cars as much as we used to a
few years ago.
Any word on how much the premiums for chav-cyclists are going up?
Or, as a proxy for that, the size of increases in the cost of
fridge-freezer insurance?
The radio news a couple of mornings ago covered this topic. Apparently
there are two measures of the cost of motor insurance renewals. One was quoting a sum near £1000 and the other (which appeared to be based on realistic cases) came out at just under £500.
Care to guess which figure the media ran with?
On 18/01/2024 05:22 pm, Spike wrote:
JNugent <jnugent@mail.com> wrote:
Last May (2023), the fully-comprehensive policy premium price for my car >>> was £205.43.
It'll be interesting to see how much it is in four months' time.
In May 2022, the price had been *higher*: £207.93.
Last year, my wife's (fully comp) premium was £165.90. The previous
year: £179.20.
Of course, we are not only careful drivers and careful/law-abiding
road-users in general, but we don't use the cars as much as we used to a >>> few years ago.
Any word on how much the premiums for chav-cyclists are going up?
Or, as a proxy for that, the size of increases in the cost of
fridge-freezer insurance?
The radio news a couple of mornings ago covered this topic. Apparently
there are two measures of the cost of motor insurance renewals. One was
quoting a sum near £1000 and the other (which appeared to be based on
realistic cases) came out at just under £500.
Care to guess which figure the media ran with?
:-)
The one that gets more clicks on newspaper web pages?
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