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HomeSourcesindependent.co.ukMapped: Most expensive and cheapest places to insure your car revealed

Mapped: Most expensive and cheapest places to insure your car revealed

New data has revealed the cheapest and most expensive places to insure your car as drivers grapple with soaring prices. With interest rates at their highest in 15 years, hefty car insurance quotes are yet another burden putting more pressure on households struggling with rising bills. Car insurance costs have increased by almost 50 per cent on average in the past year , with premiums now at their highest since the start of 2018, according to exclusive data from the analyst . But where you live also significantly impacts how much you pay, with London and Scotland seeing the steepest increases. Age plays a crucial role in how much a driver can expect to fork out for insurance, as 25-39 year-olds and over 65s see the biggest push in quotes. Looking at quotes from Confused.com, Go.Compare, ComparetheMarket and Moneysupermarket , revealed that average premiums rose by 47.9 per cent in the 12 months to June 2023. Data shows car insurance has increased by 47.9 per cent in the 12 months to June 2023 In London, new customers searching for a quote face price increases of 53.5 per cent. Drivers in Scotland suffer a similar fate with prices rocketing by 53.1 per cent. The rest of the UK suffers only marginally less, with the price increase ranging from 42.8 per cent to 53.5 per cent. Northeast England sits at the lower end of the price increase, followed by the northwest at 45.2 per cent. Predictably, age also matters with car insurance and this is reflected in the increase. Surprisingly, 17-24 year-olds see the smallest rise at 39.7 per cent. But those in the 25-39 category face a dramatic increase of 51.9 per cent. This is followed by those aged over 65 with a price increase of 50.4 per cent. The hike in premiums for older customers could be due to the rising number of drivers aged 80 and over, which has soared 18 per cent over the past two years to reach 1.7 million, according to the DVLA. Elderly drivers may be seen as higher risk, pushing up the average costs for the 65-plus category. Catherine Carey, head of marketing at , said: ‘As a result of this inflation and lagging premium increases in 2022, the motor insurance market reported large losses. Insurers are now adjusting prices to recoup these losses and reflect the ongoing impact of inflation.’ She added: ‘By exaggerating claims or providing false information when applying for insurance, fraudulent customers are pushing up the cost of insurance for everyone else.’

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