Whilst motorists have benefitted from a significant drop in fuel prices in recent months there has been a progressive increase in car insurance premiums in 2015. This is borne out by the Confused.com Car Insurance Price Index that is powered by Willis Towers Watson.
The above index shows that the average cost of fully comprehensive car insurance went up by 7% in the final quarter of last year when compared with the third quarter of 2015. This resulted in an average premium of £672 per annum – up from £629 per annum in Q3 2015. The last time that such an increase was seen was back in the fourth quarter of 2010 when premiums rose by the same percentage.
When you look at the figures over a twelve-month period, premiums have risen by an average of 13% between Q4 2014 and Q4 2015. This means that motorists are paying on average an extra £78 per annum for fully comprehensive car insurance when compared with a year ago.
When you look at the data more closely, it is interesting to see that it is females that are 71+ years of age who have suffered the most from increasing premiums over a twelve month basis. Ladies in that age bracket saw their premiums rise by an average of 19% between Q4 2014 and Q4 2015. Men in the 61 to 65 age bracket saw their premiums increase by an average of 10% in the final quarter of 2015 with this being the highest percentage rise when comparing Q3 and Q4 2015.
It is also interesting to see that female motorists aged between 17 to 20 saw the lowest increase in premiums both between Q3 and Q4 2015 (3% quarterly rise) and between Q4 2014 and Q4 2015 (4% annual rise).
On a regional basis, it is motorists in Northern Ireland that have seen the biggest increase in the average cost of comprehensive car insurance. In Q4 2015 premiums went up by 9% and rose by 18% in the twelve months to Q4 2015. The average premium for this level of cover in Northern Ireland is £810 per annum. The most expensive region in the UK is in Inner London where premiums average £1,085 per annum.
So, if your car insurance is coming up for renewal or you are looking for such cover for the first time, why not get in touch with AIB Insurance on 02380 268351 and speak with one of our friendly, experienced staff to see if we can find you a competitively priced, tailored deal on your motor insurance.
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