Drivers urged to check their renewal price as premiums rise by £101 in a year
Car insurance prices are £100 more expensive than a year ago, after accelerating by 14 per cent over the past 12 months.
UK drivers are now paying £838 on average for their car insurance, according to Confused.com’s Q3 2017 car insurance price index, powered by Willis Towers Watson – the most comprehensive car insurance price index in the UK based on more than six million quotes a quarter.
And taking into account the comparatively cheap £737 drivers were paying for car insurance a year ago (Q3 2016), it’s more important than ever for motorists to make a note of last year’s premium before they renew.
Car insurance is still on course to be at its most expensive ever by 2018, following a 65 per cent ramp up in pricing over the past decade, equivalent to £329. But drivers have had a brief respite from rising motoring costs as car insurance prices steadied this quarter. This is following a minor -1 per cent (-£9) dip in prices, according to the leading driver savings site, which could be attributed to insurers readjusting after the Ogden rate cut. However, as insurers anticipate a change to the way the rate is calculated following a recent government announcement (September 2017), this could reverse the rate cut and subsequently increase the Ogden rate up to 1 per cent.