Man shocked at how far more he needed to pay for car insurance after transferring to London from Surrey – My London
Londoners, it seems, have to pay a whopping 50 percent more for their car insurance compared to other cities in the UK.
And a man feels the effects of it.
An unidentified motorcyclist went to Reddit to complain about the extra £ 1,300 his insurance had added when he decided to move to the capital.
He said, “Shocked. The insurance company just added £ 1300 to my listing for motorcycle insurance when I changed my address from Guildford to East London. ”
READ MORE: Bibaa Henry and Nicole Smallman: Officers Deniz Jaffer and Jamie Lewis were jailed after taking photos of murdered sisters
Other users were quick to explain to the man why his premium had been increased, with threats of "crime, theft and car knocking" being the reasons users cited the London prices.
This is Money, which previously announced that the typical insurance premium for those living in the Greater London area is £ 1,102 – that's £ 366 more than the national average of £ 736, according to comparison website Compare the Market.
The large price differences across the country are due to the different risk profiles that insurers assess when setting prices.
Do you want to stay up to date on the latest news, views, features, and opinions from across the city?
MyLondon The 12's brilliant newsletter is packed with the latest news to keep you entertained, informed and motivated.
You will receive 12 stories straight to your inbox around 12 noon. It's the perfect midday reading.
And what's more – it's FREE!
The MyLondon team tells London stories for Londoners. Our journalists cover all the news you need – from the town hall to your local streets, so you don't miss a moment.
Don't skip a beat and sign up for The 12 newsletter here.
Insurance prices for rural-based cars are likely to be significantly lower since most accidents happen in cities.
In urban areas too, crime rates are statistically higher, so lower premiums can be expected.
Dan Hutson, Head of Car Insurance at Compare the Market, told This is Money, “While the cost of car insurance is obviously not a determining factor in where you live, these numbers are further evidence of the huge inequality in the cost of living for people in urban areas versus rural.
“People have flocked to high employment areas in recent history, but this clearly comes at a price.
“The reasons for the extra cost for city driving are pretty clear, as the people who live in London are likely to have a higher risk profile due to the higher crime and accident rates.
"But for Londoners struggling with their auto insurance bills, it's important to look around to make sure you have the cheapest policy."
Would you like to share a story? Contact email@example.com
Would you like more from MyLondon? Sign up for our daily newsletter here for the latest and greatest news from across London.