If you’re a motorist residing in East London, you’ll be happy to know that the cost of a fully comprehensive policy in that part of the country fell nearly 15% in the third quarter of 2018 compared to the same period last year… but, sorry to say, it’s still the most expensive place in the UK to get car insurance at about £930.
An analysis by price comparison website MoneySuperMarket showed that, overall, motor insurance premiums dropped 13% from £553 to £483 over the period. The biggest decline, down 18% from £516 previously, was in Chelmsford. If you want to get your hands on the lowest-priced policy though, you might want to move to the Isle of Man, where the cost is at £285 on average.
“The significant drop in premiums is great news for motorists across the UK,” said MoneySuperMarket’s editor-in-chief Tom Flack. “Younger drivers, who traditionally pay the highest prices, can take comfort as the cost of driving continues to decrease.
“In 2017, insurers hiked prices significantly to provide larger payouts to victims of accidents after the way that personal injury compensation payments were calculated. However, after a government U-turn, these rises have been steadily put into reverse.”
However, the now-lower premiums are apparently higher compared to five years ago. According to MoneySuperMarket’s data, average premiums have increased 17% from £411 in the third quarter of 2013.
“It’s a much better picture for drivers than this time last year, but that doesn’t mean you should rest on your laurels and stick with your current insurer when their premium comes up for renewal,” commented Flack. “There’s never been a better time to review your motor insurance policy and see if you could be getting a better deal.
“Most insurers usually save their best prices for new customers, so those who switch could make annual savings of up to £276. That’s at least the next four tanks worth of petrol.”
