Car insurance premiums in the UK are showing signs of decline, with the average cost of a policy now at £447, according to Go.Compare’s data.
The comparison site’s recent price index indicates that the average premium in the first quarter decreased by £18 from the corresponding figure in the fourth quarter of 2023.
Here are the numbers, as published by Go.Compare:
|
Quarter |
Median cost of car insurance |
|---|---|
|
Q2 2022 |
£324 |
|
Q3 2022 |
£348 |
|
Q4 2022 |
£347 |
|
Q1 2023 |
£343 |
|
Q2 2023 |
£371 |
|
Q3 2023 |
£420 |
|
Q4 2023 |
£465 |
|
Q1 2024 |
£447 |
Go.Compare motoring expert Tom Banks remarked on the findings: “It’s an encouraging sign to see that car insurance premiums have started to decrease. With the recent price rises hitting headlines, the cost of car insurance has been a hot topic – so this is news that will be welcomed by many.”
Regionally, motorists in Greater London face the highest insurance costs, averaging £650 – 78% more than the premiums paid by drivers in Wales and the South West.
Meanwhile, aside from retirees who have the lowest average premiums at £389, administrative assistants enjoy the next cheapest rates, averaging £490. Civil servants and shop assistants follow closely, with average premiums of £492 and £525, respectively.
Commenting further, Banks added: “While it’s good news that premiums are starting to stabilise, the current cost of car insurance is still £100 more on average than it was this time last year. This means it’s more important than ever for policyholders to get the best deal.
“We always recommend taking some time to shop around well in advance of your renewal and consider all your options in order to get the best cover for less.”
According to recent research from Go.Compare, 55% of UK consumers now make sure to compare options when renewing their policies.
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