Recently released figures from Confused.com show that the price of comprehensive car insurance has risen for the first time in three years.
But the good news is that the cost of insuring your car is still cheaper than it was this time last year. In 2013, the average cost of comprehensive car insurance was £652, but this year it’s down to £582. That’s 10.7% lower, and £70 less.
And that’s not all – it’s not just young drivers who have seen the average cost of insurance creep up. In fact, the worst hit have been drivers aged 66, who have seen an average increase of 6.1% on their premiums. 19 year olds, on the other hand, have seen the cost of their insurance go up by 3.7%.
Whilst insurance has always been pricey for those who are just getting on the road, the cost of insuring your car has been falling over the last few years. And 17 year olds have benefited over the last few months, with their premiums falling by 4.3%. This means that the average cost of comprehensive car insurance for a 17 year old driver is now £1,911. Sounds like a lot we know, but in 2011 the average cost was a whopping £3,729!
How much does insurance cost where you live?
It makes a difference where you live too. The South seem to have come out worse, with an extra £12 added on to their car insurance premiums, whilst drivers in Northern Ireland have seen their premiums get £15 cheaper.
Steve Sanders, Finance Director at Confused.com, said: “The decreases in car insurance premiums that we’ve been experiencing for the last three years has been welcome news for motorists, however over recent months the heat has certainly come out of these price reductions.
“Our latest figures suggest that these price drops are now levelling out, with premiums actually rising over the last quarter to now stand at £582. Although this is just a marginal quarterly increase of £3, this is the first time premiums have increased since June 2011.
“However, whilst prices have crept up this quarter, overall comprehensive car insurance premiums are still down year-on-year by 11%. These annual price drops are being felt most by our youngest drivers, with 17-year-olds currently enjoying the lowest ever price for their insurance since the Index began (£1,911) – a staggering £792 cheaper than this time last year.”
Last modified: 14th October 2014