Consumer Intelligence, which has released its latest motor insurance index, describes quoted premiums in the UK as accelerating at an alarming rate.
In an emailed release, Consumer Intelligence insurance insight manager Max Thompson stated: “The motor insurance market is witnessing unprecedented premium inflation.
“The sudden vanishing of lower-priced deals particularly threatens younger drivers, who are already grappling with higher-than-average premiums.”
According to Consumer Intelligence, the average quoted premium in the past year represented a 34% increase, breaking records spanning about a decade.
Below are the numbers published by Consumer Intelligence.
|
Region |
June 2023 average quoted premium (five cheapest) |
Price index past 12 months (May ‘22 to May ‘23) |
|---|---|---|
|
London |
£1,881 |
+39.9% |
|
North West |
£1,462 |
+27.6% |
|
West Midlands |
£1,081 |
+35.1% |
|
North East |
£1,025 |
+28.4% |
|
South East |
£910 |
+37.1% |
|
East Midlands |
£906 |
+37.8% |
|
Eastern |
£885 |
+34% |
|
Scotland |
£831 |
+33.9% |
|
South West |
£811 |
+33.2% |
|
Wales |
£770 |
+34.9% |
|
Yorkshire & The Humber |
£765 |
+31.1% |
Warning that the lack of affordable cover might deter younger motorists from taking insurance, Consumer Intelligence noted: “The under-25 demographic has seen a marked increase of 28% in their insurance premiums over the past year.
“Despite this being the smallest percentage increase among all age groups, the average quoted premium for under-25s remain significantly higher at £2,145, compared to £850 for the 25 to 49 age group and £568 for the over-50s.”
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