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Car Insurance Premiums Continue To Increase

Confused.ComAccording to the Confused.com Car Insurance Price Index that is produced in association with Willis Towers Watson, motorists will be disappointed to read that, in the first quarter of 2017, fully comprehensive car insurance premiums rose. This has been a trend for quite some time and it remains to be seen when it will end.

Such premiums have increased by an average of 16% in the 12 months to 31st March 2017. In monetary terms, this equates to an average rise of £110 per annum that is no small sum. In fact, there has been an average increase of 2% per annum in the first quarter of this year with this equating to an extra £14 per annum. The cost of providing such cover at the end of the first quarter of 2017 had reached an average of £781 per annum.

Regrettably, every UK region saw an increase in premiums over a period of 12 months with the biggest percentage rise being in the Scottish Islands and Highlands that saw a rise of 21%. The Scottish Borders saw an increase of 19% but, interestingly, premiums in that region are still the lowest in the UK averaging £547 per annum.

Those motorists living in Inner London have seen their fully comprehensive car insurance premiums increase by an average of £174 per annum to £1,260 per annum in the 12 months to 31st March of this year. That equates to a rise of 16%. The South West saw an annual rise of 15% Traffic Jamalthough in the first quarter of 2017 the average premium in that region actually dropped by £1 per annum.

It is 66 year olds who have been subjected to the largest percentage increase with car insurance premiums going up by 23% in the last 12 months. The lowest increase in percentage terms was for 18 year olds who saw their premiums rise by an average of 9% although it is that age group who pay more for their motor insurance than anyone else with premiums being an average of £2,164 per annum.

With the cost of covering your car going up it is important that you shop around for a competitive deal. In that respect, why not speak to one of our experienced members of staff on 02380 268 351. AIB Insurance has access to an extensive panel of insurers and can help arrange cover on various makes and models of vehicle.

Biggest Quarterly Increase In Car Insurance Premiums In Five Years

Insurance PremiumWhilst 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.