Car insurance costs falls

Go.Compare car insurance has released new data showing that car insurance costs are beginning to fall, with the average insurance premium now at £447.

The research showed that the average cost of car insurance fell by £18 in the last quarter – from £465 to £447 – prices are still up on 2023 figures, with the average policy costing £343 this time last year.

Across the UK, the data has also revealed that drivers in Greater London have the highest premiums, at an average cost of £650, meaning London drivers are paying 78% more on average than those in Wales and the South West.

When it comes to how jobs impact the price of car insurance, the report has shown that the profession paying the least for their policy – aside from retirees who pay an average of (£389) – are ‘administration assistants’, with an average cheapest quote of £490. This is just ahead of civil servants (£492) and shop assistants (£525).

Tom Banks, Motoring Expert at Go.Compare, said “It’s an encouraging sign to see that car insurance premiums have started to decrease. With the recent price rises hitting headlines, the cost of car insurance has been a hot topic – so this is news that will be welcomed by many.

“However, while it’s good news that premiums are starting to stabilise, the current cost of car insurance is still £100 more on average than it was this time last year. This means it’s more important than ever for policyholders to get the best deal. We always recommend taking some time to shop around well in advance of your renewal and consider all your options in order to get the best cover for less.”