The cost of car insurance in the UK is falling | GoCompare News (2024)

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

The comparison website’s latest price index has revealed that even though 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.**

And 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, commented on the report: “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.”

A recent piece of research from Go.Compare showed that 55% of respondents now make sure they shop around when the time comes to renew their policy.**** Tom offered some further tips on how to get cheaper car insurance:

• Renew early: Don’t leave it until the last minute to renew your premium. Our data shows that the best day to renew your car insurance is 26 days before your renewal is due – and generally, the longer you leave it to renew, the more you are likely to pay. *****

• Pay annually: If you can, paying for your insurance policy all in one go rather than monthly could save you money, as this helps you avoid interest and additional fees.
• Only pay for what you need: Opting for add-ons that you don’t need could hike up your premium without any added benefit to you, so always read the policy wording carefully and only pay for what you need.
• Pick the right car: If you’re thinking about purchasing a new vehicle then it might be worth considering how much it will cost to insure. Smaller, less powerful cars are likely to cost you far less to insure – so, check online before you commit to a purchase.

For more tips on how to get cheaper car insurance, visit: https://www.gocompare.com/car-insurance/guide/top-tips-for-cheaper-car-insurance/

And to read Go.Compare’s report on the cost of car insurance, visit: https://www.gocompare.com/car-insurance/guide/how-much-does-car-insurance-cost/

In June, Blue Light Card holders who purchase car insurance through Go.Compare will receive an exclusive £40 Amazon Voucher. For Terms and Conditions please visit here.

TopCashBack is also offering £42 cashback for customers who purchase a car insurance policy through Go.Compare during the week commencing 3rd June and 24th June. For more information and to read the Terms and Conditions visit here.

Rubie Barker

rubie@fdcomms.co.uk

-Ends-

Notes to editors

*Cost of car insurance by quarter. Median premium paid by all customers of all ages, for annual payments all car insurance policies bought through Go.Compare.

** Cost by insurance by region. Median premium paid by all customers of all ages, for annual payments all car insurance policies bought through Go.Compare between 01 January 2024 and 31 March 2024.

***10 cheapest occupations for all car insurance sales for proposers aged between 25-70 years, with five years no claims discount and no claims or convictions declared. Car value up to £50,000. Min number of quotes per occupation: 100. Purchases made through Go.Compare between 01 January 2024 and 31 March 2024.

****These findings are from a study released by Sago between January 26-29, 2024, among a random selection of 2,219 of GB adults ages 18+ who are online panelists of Sago’s Community.

The results were weighted by age, gender, region, and ethnicity to match the population, according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding. Excerpts from this release of findings should be properly attributed, with interpretation subject to clarification or correction.

Sago is the global research and data partner that connects human answers to business questions. Combining a legacy of impact, global reach, and innovative spirit, Sago enables clients to solve business problems through extensive audience access and an adaptive range of qualitative and quantitative solutions.”

***** Average premium paid by all customers over the age 18, for annual fully comprehensive car insurance policies bought through Go.Compare between Jan and Nov 2023.

For further information please contact:

Lynsey Walden on lynsey.walden@Gocompare.com, or Kath Chadwick on Kathryn.chadwick@Gocompare.com.

Keep up-to-date with Go.Compare on Twitter; @Go.Compare

About Go.Compare

Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.

Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).

More information can be found here www.Go.Compare.com or here https://www.futureplc.com/brands/.