Motor Trade Insurance

Average Cost Of Car Insurance Rises In Q1 2022

April 27, 2022 by mti

Whilst just because the average cost of car insurance has gone up in the first quarter of 2022 and that is actually the first time it has done so on a year to year basis in the last 18 months, does not mean to say that motor trade insurance premiums have also risen in the same period. Yes, many motor trade insurance policies are going to include cover for the motor trade business driving certain vehicles so it is quite possible that premiums for such cover have also increased.

Anyway, according to the Car Insurance Price Index that was recently published, the average car insurance premium in Q1 of 2022 amounted to £550 per annum. In the last quarter of 2021 the figure was an average of £529 per annum – an average rise of £21 per annum- an average rise of 3.9% in the space of only 3 months. In the third quarter of 2021 the average premium was £514 per annum and in the second quarter of 2021 the average premium was £522 per annum.

We are sure that you will agree this is a sizeable increase in the first quarter of 2022 and one that motorists could well have done without. After all, in recent weeks, motorists have also been faced with significant increases in the cost of putting petrol or diesel in their cars and other vehicles.

As you may well know, where you reside has an impact upon how much you pay for your car insurance. For instance, if you happen to live in Inner London, on average, you will pay more for insuring your car than anywhere else in the UK with the average premium in the first quarter of 2022 being £864 per annum. The cheapest region in the UK for car insurance was Scotland Borders with premiums averaging £370 per annum – that is less than 50% of what it costs in Inner London.

A motorist’s age also has a bearing upon the premium he or she will pay for their motor cover with the most expensive age to insure being an 18 year old who pays an average of £1,419 per annum. Interestingly, 17 year olds pay an average of £1,166 per annum. A 30 year old pays an average of £750 per annum and a 69 year old an average of £316 per annum.

So, if you are looking for motor trade insurance either for the first time or because your existing cover is coming up for renewal why not get in touch with us today for a competitive motor trade insurance policy quotation.

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