Isle of Wight named 2nd least expensive auto insurance within the nation – On The Wight
The Isle of Wight has been named the second cheapest region in the country for auto insurance.
Research by CompareTheMarket found the island to be second only to the Isles of Scilly, while Newham in London is the most expensive.
According to the price comparison company, car insurance has been the cheapest since 2015. However, an increase in traffic is expected to lead to rising insurance premiums due to the relaxation of coronavirus restrictions.
Dan Hutson, Head of Motor Insurance at CompareTheMarket said:
“Drivers will be relieved that car insurance premiums have fallen again as household finances have come under pressure from both the pandemic and the prospect of rising inflation.
“For those looking to further reduce their premiums, switching insurance is a quick and easy way to cut costs when their policy is extended, especially for younger drivers. Our research shows the difference between the cheapest and the average premium is £ 92, but those savings increase to almost £ 200 for drivers under 25.
“However, as cars return to the road, it's worth noting that insurance costs could rise after falling rapidly in the first few months of the year. As the remaining Covid-19 rules are relaxed and more people return to the office, more car insurance claims could emerge, causing premium costs to soar back to pre-pandemic prices. Drivers may want to consider switching early for a lower reward if they are not too far off their renewal date. "
You can see the full regional breakdown and see if you are paying more than average on the CompareTheMarket website.
Image: TomGough under CC BY 2.0