Confused.com and Towers Watson Car Insurance Price Index has revealed an average policy costs £844 Drivers in Bradford are hit worst as they see an annual rise of 17.1%
[USPRwire, Thu Jan 12 2012] Confused.com has revealed that car insurance prices have risen at a higher rate than inflation in many regions over the last twelve months. The cost of comprehensive cover rose by 4.9% over all in 2011, with third party, fire and theft (TPFT) premiums increasing in cost by 10.2% year-on-year.
The Confused.com/Towers Watson Car Insurance Price Index is based on more than 4 million quotes. The new report, which looks at car insurance price changes throughout 2011, reveals:
- Comprehensive premiums have risen by an average of £39 and TPFT premiums by £107 in the last 12 months.
Bradford, Oldham and Manchester have experienced the highest increase overall (17.1% in Bradford), although encouragingly some prices have come down, most notably in Falkirk in Scotland.
- The average cost of a comprehensive policy at the end of 2011 stands at £844, with the average TPFT policy costing £1162.
- Prices vary significantly with age: 17-20 year olds were paying a whopping average of £2,590 at year end, while those aged 66 and over typically pay a more modest £451 per year.
The last quarter of 2011 showed a gentle increase compared with the hikes experienced in previous quarters; there was less than 0.05% change in the average premium for the last quarter of 2011. The average cost of a comprehensive policy rose marginally from £843 to £844 in quarter four.
Drivers of some vehicles in insurance groups 3, 8, 9 and 10 have suffered a rise of more than 7%. The premiums for 4-door estates have increased by more than 13% in 12 months. To find out your car insurance group visit Confused.com.
Gareth Kloet, head of car insurance for Confused.com commented: "This time last year drivers were paying an eye watering £804 average premium for comprehensive cover which has continued to rise to a massive £844 over the past 12 months.
"In 2012 we can expect to see new factors affecting car insurance prices such as the introduction of the EU legislation on gender due at the end of this year meaning that insurance cannot be priced according to gender. We will also see new technologies affecting car insurance prices such as black box technology which allows insurers to offer discounts to drivers who can prove that they are careful behind the wheel."
More than 4 million quotes are used in the construction of each quarter's insurance price index, making it the most comprehensive insurance index in the UK. Unless otherwise stated all prices referred to are for comprehensive cover.
About the Index:
The index is compiled using anonymous data from all enquiries submitted on Confused.com. In line with the draft Office of Fair Trading (OFT) commitments on the use of competitor price data, the prices used for calculating the index are based on an average of the best five quotes received on Confused.com.
Confused.com was the UK's first price comparison site for car insurance. Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance. Specialist car cover also includes budget car insurance and temporary car insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
Confused.com press office