Motor Trade Insurance

Car Insurance Premiums Continue To Rise

July 25, 2022 by mti

Motor traders will be interested to read that the average cost of insuring a car in the UK rose in the 2nd quarter of 2022 when compered to the 1st quarter of 2022. The increase was a modest average rise of £4 per annum but nevertheless premiums are still heading in upward direction that, in the current economic climate, is something that could be done without.

In the 2nd quarter of 2022 the average premium was £554 per annum compared to an average of £550 per annum for the previous quarter. When compared with 12 months ago, premiums have increased by an average of £32 per annum with this equating to a rise of 6% according to the car insurance price index.

Car owners living in Inner London continue, on average, to pay more for their cover than any other region in the UK with premiums averaging £882 per annum. That is an average increase of 9% when compared with a year ago. The cheapest region is the borders of Scotland with the average premium being £366 per annum.  As you can see, there is a huge variance between these two regions. One of the reasons for this may be due to the fact that the later region is less densely populated and will presumably have fewer cars on the road network probably resulting in fewer road traffic accidents.

If you reside in Manchester/ Merseyside then the average premium in the 2nd quarter of this year was £701 per annum. That is £26 per more than a year ago.

Northern Ireland saw the biggest % rise in premiums with car insurance premiums going up by 12% to an average of £594 per annum when compared with 12 months ago.

A driver’s age continues to be an important factor in how much he or she pays for their cover with the younger motorist, on average, paying the most for insuring their car. An 18 year old pays an average of £1,453 per annum, a 30 year old an average of £738 per annum and a 69 year old an average of £312 per annum.

If you are a motor trader then why not get in touch with us shortly before your existing motor trade insurance comes up for renewal to obtain a no-obligation, competitive quotation. We look forward to hearing from you at your earliest convenience.

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