Motorists will be disappointed to read that\nthe cost of insuring their cars has gone up over the last year for many\npolicyholders according to the Confused.com Car Insurance Price Index. Although\nthe index relates to insuring standard vehicles it is quite possible that the\ncost of insuring a classic car has also risen.<\/p>\n\n\n\n
The above index is produced on a quarterly\nbasis and, according to the most recent one published for the third quarter of\n2019, the average cost of fully comprehensive cover has risen by \u00a323 in the\ntwelve month period to the third quarter of 2019. That equates to a rise of 3%.\nThe average cost of such cover was \u00a3783 per annum.<\/p>\n\n\n\n
On a positive note, premiums have fallen\nslightly when compared with the second quarter of 2019 when the average cost of\nsuch cover was \u00a3789 per annum.<\/p>\n\n\n\n
It is the younger motorist who pays more\nfor their car insurance. The most expensive cover is for those aged 18 with the\naverage cost of fully comprehensive car insurance costing \u00a32,067 per annum.\nThat is more than some young drivers will be paying each month in car loan\nrepayments. The biggest rise in premiums is for drivers who are 23 years of age\nwho have, on average, seen the cost of their cover going up by \u00a345 per annum\nover the last year to \u00a31,306 per annum.<\/p>\n\n\n\n
The index also looked at the average cost\nof such cover on a regional basis and found that Northern Ireland motorists saw\nthe biggest increase in premiums. In the last year, premiums have risen by 8%\nto an average of \u00a3942 per annum. That is an increase of \u00a369 per annum. The region\nwhere motorists pay the most is in Inner London with premiums averaging \u00a31,213\nper annum.<\/p>\n\n\n\n
The above figures are concerning and it is\nto be hoped that premiums start to fall going forward. We will continue to\nupdate our readers periodically about the cost of car insurance in the coming\nmonths. <\/p>\n\n\n\n
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Motorists will be disappointed to read that the cost of insuring their cars has gone up over the last year for many policyholders according to the Confused.com Car Insurance Price Index. Although the index relates to insuring standard vehicles it is quite possible that the cost of insuring a classic car has also risen. The above index is produced on … Continue reading