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On average how much is car insurance?
Car insurance is a necessary expense for all drivers in the UK. The cost of car insurance can vary greatly depending on 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 car insurance costs in the UK and discuss some of the factors that can affect the cost.
According to the Association of British Insurers (ABI), the average cost of car insurance in the UK is around £416 per year. However, this figure can vary greatly depending on the factors mentioned above. For example, younger drivers tend to pay more for car insurance than older drivers, as they are considered to be a higher risk. In fact, according to the ABI, drivers under the age of 25 pay an average of £1,591 per year for car insurance.
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.
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.
It’s worth noting that the cost of car insurance can also vary depending on where you live. According to a study by Compare the Market, the average cost of car insurance in London is £1,009.7 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.
Another factor that can affect the cost of car insurance is a driver’s occupation. Drivers in certain professions, such as doctors and teachers, tend to pay less for car insurance than drivers in other professions, such as delivery drivers or tradespeople, who are considered to be a higher risk.
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. However, younger drivers and drivers of high-performance or expensive cars 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.
Summary
- According to the Association of British Insurers (ABI), the average cost of car insurance in the UK is around £416 per year. (Source: https://www.abi.org.uk/)
- Younger drivers tend to pay more for car insurance than older drivers, as they are considered to be a higher risk. In fact, the ABI reports that drivers under the age of 25 pay an average of £1,591. per year for car insurance.
- The type of car you drive can also have a significant impact on the cost of car insurance. Cars that are considered to be high-performance or expensive to repair tend to have higher insurance costs, while cars that are considered to be safe and inexpensive to repair tend to have lower insurance costs.
- The level of coverage you choose can also affect the cost of car insurance. Comprehensive coverage is generally more expensive than third-party-only coverage.
- The cost of car insurance can also vary depending on where you live. For example, a study by Compare the Market found that the average cost of car insurance in London is £1,009.70 per year, which is significantly higher than the national average.
- A driver’s occupation can also affect the cost of car insurance. Drivers in certain professions, such as doctors and teachers, tend to pay less for car insurance than drivers in other professions.
- It’s important to shop around and compare car insurance quotes from multiple providers like Comparoo to ensure you are getting the best deal possible.
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