Automobile insurance prices are rising for older drivers and in some components of the UK, figures present – Ardrossan and Saltcoats Herald
Analysis found that typical auto insurance premiums began to rise towards the end of last year for some age groups and in some parts of the UK.
Overall, the average cost fell 0.6% to £ 782 between August and November 2021, according to Consumer Intelligence.
However, prices began to rise for some geographic areas and for older drivers.
The average premium is still 20% below a 2017 high as fewer cars were on the streets during the coronavirus lockdowns, which has helped keep insurance costs down in general.
At the beginning of this year, a price adjustment came into effect, so that the insurers are now obliged to offer new customers a price that is no higher than the new customer.
This put an end to the “price walking” in which companies raised prices for loyal customers year after year. But those who shop regularly will find that the savings offered are lower.
The research found that the average annual premiums of those over 50 had increased by 0.6% in the three months to November. For 25- to 49-year-olds there was a slight decrease of 0.5% in the same period, while for those under 25 a more pronounced price decrease of 2.5% was recorded.
The annual cost of car insurance has been estimated at £ 1,717 for the under 25 age group, £ 580 for those aged 25 to 49 and £ 350 for those over 50.
In the three months to November, average car insurance prices rose in Scotland (1.8%), the East Midlands (0.6%), East England (0.6%) and Wales (0.2%), so Consumer intelligence.
But compared to last year, the average premiums in all UK regions have decreased, she added.
London-based drivers (£ 1,261) continued to be the most expensive on average to insure, followed by North West England (£ 1,104) in second place.
The South West of England (£ 468) turned out to be the cheapest place to live when buying car insurance.
Here are the car insurance price changes between August and November 2021, and the average premium in November 2021, according to Consumer Intelligence:
– Scotland, 1.8%, £ 516
– East Midlands, 0.6%, £ 688
– East England, 0.6%, £ 581
– Southeast, down 1.0%, £ 759
– Wales, 0.2%, £ 510
– Southwest, down 1.0%, £ 468
– West Midlands, down 2.1%, £ 781
– Northeast, 0.0%, £ 676
Yorkshire and the Humber, down 1.7%, £ 712
– Northwest, down 1.3%, £ 1,104
– London, down 1.6%, £ 1,261