UK car insurance premiums increase by five per cent in 2019

The biggest annual rise was seen in Inner London where motorists now pay an average of £1,260, while the Scottish Borders posted the smallest year-on-year hike

                                

Comprehensive car insurance policy costs in the UK rose five per cent on average last year, the steepest annual rise since 2017.

A comprehensive policy now costs £815 (€955, $1058) on average, according to the latest index from price comparison site Confused.com in association with insurance broker Willis Towers Watson. This is higher than the previous quarter (£783) as well as the same period in 2018 (£774).

It also showed that costs went up across all regions in the UK over the last 12 months.

The index surged four per cent in the fourth quarter compared with a year earlier.

British motor insurers have been struggling with high costs, tougher environmental rules as well as a threat of tariffs on car imports and exports if a post-Brexit trade deal is not made with the European Union before 2021.

The index, which is based on price data submitted by customers to Confused.com, showed that the biggest annual rise (eight per cent) was seen in Inner London where motorists now pay an average of £1,260, while the Scottish Borders posted the smallest year-on-year hike of one per cent to a £615 average premium.

Meanwhile the region with the cheapest car insurance, at £595 on average, is the South West.

Demographic wise, premiums for female drivers aged between 26 and 30 rose the most at nine per cent. Male drivers aged between 17 and 20, whose premiums rose six per cent, continue to pay the highest premiums.

FURTHER READING: Tesla launches insurance services for drivers in California

FURTHER READING: Sales of electric cars surge in the UK

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image