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2 min read
17th January 2019

Average Car Insurance Premium stands at £757**

Michael Masterson of Cover4Insurance says that:

“Motorists who fail to shop around, each year, when their car insurance is due for renewal could be overpaying hundreds of pounds for their insurance, as insurers still tend to give new customers their best deals.”

With average car insurance premiums currently standing at £757** isn't now a good time to shop around to make sure you are getting the best premium.

Why do rates differ?

Rates differ due to many different reasons but 2 of the main drivers that we see affecting premiums, are people’s age and where they live.

Age : Your age will make a big difference to the premium that you pay if you look at the table below which shows the average rates for 2018 across the UK for car insurance premiums:
  • Average premium for the drivers under 25 = £1,544**
  • Average premium for drivers 25-49 = £649**
  • Average premium for drivers aged £50+ = £395**

Research shows that the combination of youth and inexperience puts younger drivers at high risk. Their inexperience means they have less ability to spot hazards, and their youth means they are particularly likely to take risks. In this way, crash risk not only reduces over time with experience but also is higher for drivers who start driving at a younger age.

Source: BRAKE the Road Safety Charity

Where you live

Londoners (£1,155**) continue to pay the most on average for their car insurance, with people in the South West (£519**) paying the least. With London being the most populated area in the UK it is not a surprise that the rate is higher as the likelihood of an accident is increased, meaning higher premiums. Crime rates in your area will also affect the premiums so if your area has a high incident of car crime such as theft, vandalism or even staged crashes to make false personal injury claims, this will affect your premium.

You can check the average in your region by the table below:

Region AveragePremiumRegion AveragePremiumRegion AveragePremium
South West £519Scotland£538Wales £571
Eastern £634East Midlands £646North East £699
South East £702Yorkshire & Humberside £737West Midlands £835
North West £915London£1,155

According to the latest figures from the Car Insurance Price Index for December 2018, prices have actually fallen 8.5% over the last 12 months, but prices have still increased by over 20% since October 2013.

**Source Consumer Intelligence Car Insurance Price Index - December 2018  

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