Car insurance costs up 20%

With many of our day-to-day costs rising it’s no surprise that car insurance costs are also on the increase. The Confused.com car insurance price index has recorded an increase of 20% over the past 12 months with the average cost of a comprehensive car insurance policy sitting at £657. That’s an increase of £107 from 2022.

Car insurance costs increasing in 2023

The cost of car insurance has risen across the UK but in particular drivers in the centre of London and those in the West Midlands have had the most increases of 24% and 20% respectively, The average policy in Inner London is coming in at £1067 which is up £203 on last year’s costs.

Whilst the EU Gender Directive exists to stop companies from working out insurance prices based on whether a driver identifies as a male or a female there is still a gap in costs between men and women. Research shows that male drivers have seen higher prices than women and are paying on average £702 compared to £583 for women. There’s no concrete reason why men would see their premiums increase but Confused.com thinks it could be because male drivers might cause higher-value insurance claims. This is likely if they are driving more expensive, higher-powered, and newer cars. Also, male drivers tend to have more motoring convictions which is another factor when buying car insurance.

We already know that younger drivers tend to have higher insurance costs due to their lack of experience so it shouldn’t be too much of a shock to see increases here. Drivers aged 18 pay almost triple the national average and a whopping 30% more than a year ago. Turning 18 and being a new driver is the most expensive time to be buying car insurance with a policy costing on average £1845!

How to save on your car insurance

It’s often been thought that once you reach the age of 25 the costs will decrease but recent figures have shown that it is around the age of 28 that the policies are below £1000. That’s why any savings you can make are vital not just for young drivers but for anyone finding costs difficult to stomach right now. The advice is to:

• Shop around every year for a better car insurance deal
• Ensure your car is secure with an alarm and engine immobiliser
• Build up a no-claims bonus
• Downgrade your car to a second-hand model, or with a smaller engine
• Consider a black box insurance policy

Read more via Confused.com

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