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Car Insurance Blog

On average, how much does insurance cost per month?

The cost of car insurance can vary greatly depending on a variety of factors such as the type of car, the driver’s age and driving history, and the level of coverage. In this article, we will provide an overview of the cost of car insurance per month, discuss some of the factors that can affect the cost and provide tips on how to get a better deal on car insurance.

According to the Association of British Insurers (ABI), the average cost of car insurance per year in the UK is around £416. To calculate the monthly cost, this would come out to approximately £34.66 per month. However, it’s important to note that this is just an average and the cost can vary greatly depending on the factors mentioned below.

One of the main factors that can affect the cost of car insurance is the driver’s age. According to the ABI, drivers under the age of 25 tend to pay more for car insurance. For example, the ABI reports that drivers under the age of 25 pay an average of £1,591 per year for car insurance, which would come out to approximately £132.58 per month.

The type of car you drive can also have a significant impact on the cost of car insurance. According to the ABI, cars that are considered to be high-performance or expensive to repair, such as sports cars or luxury vehicles, tend to have higher insurance costs. On the other hand, cars that are considered to be safe and inexpensive to repair, such as small hatchbacks or family cars, tend to have lower insurance costs.

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The level of coverage you choose can also affect the cost of car insurance. Comprehensive coverage, which includes protection against damage caused by accidents, theft, fire, and other perils, is generally more expensive than third-party only coverage, which only covers damage to third-party property and vehicles.

Another factor that can affect the cost of car insurance is location. According to a study by Compare the Market, the average cost of car insurance in London is £1,009.70 per year, which is significantly higher than the national average. This is likely due to the higher population density and increased traffic in London, which can make it more likely for accidents to occur.

To get a better deal on car insurance, it’s important to shop around and compare quotes from multiple providers. Comparoo is a great resource for this as it allows you to compare car insurance quotes from over 110 providers all in one place. It’s also important to consider a higher excess, adjust your coverage, look for discounts, consider telematics, bundle your insurance, keep your car secure and be honest about your driving history.

Overall, the cost of car insurance in the UK can vary greatly depending on a variety of factors. According to the ABI, the average cost of car insurance in the UK is around £416 per year or £34.66 per month. However, younger drivers, drivers of high-performance or expensive cars and drivers living in certain areas may pay significantly more. The level of coverage, location, and occupation also play a role in determining car insurance cost. It’s important to shop around and compare quotes from multiple providers to ensure you are getting the best deal possible.

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Summary

  • Average cost of car insurance per month in UK is £34.66
  • Driver’s age is a major factor that can affect the cost of car insurance
  • Type of car you drive can also have a significant impact on the cost of car insurance
  • Level of coverage you choose can also affect the cost of car insurance
  • Location can also affect the cost of car insurance
  • To get a better deal on car insurance: shop around, consider a higher excess, adjust your coverage, look for discounts, consider telematics, bundle your insurance, keep your car secure and be honest about your driving history.

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