Car insurance premiums at two-year low
Average car insurance premiums have fallen to their lowest level in two years, according to the latest price index from Go.Compare Car Insurance.
It found that the average annual policy now costs £418, which is seven per cent lower than the previous quarter and the lowest it’s been since early 2023.
The cheapest premium available is a third party fire and theft policy at £408, although average comprehensive policies are just £10 more at £418. Third Party Only (TPO) insurance, which provides the lowest level of cover, is also the most expensive at £559.
Meanwhile, average policies in London are £598, which is 74% more than in Wales (£343).
Tom Banks, car insurance spokesperson for Go.Compare Car insurance, said: “It’s great to see that car insurance prices have dropped – and while there has been some fluctuation in recent months, the general trend appears to be downward, which will be good news for motorists.
“Insurance is a significant cost for anyone with a car, so trying to get a good deal and not overpaying for your cover is really important – no one wants to pay more for their insurance than they have to. That said, ensuring the cover is right for your requirements is just as important.
“This is why it’s good to understand the factors that affect the price you pay. Some will be fixed – your age and where you live – but there are things you can do to keep costs down. Shopping around at renewal is still the best way to save money and accepting the first quote you’re given doesn’t necessarily mean you have the best deal. In fact, it rarely does.”
