Car insurance prices set to be highest ever in 2018
10 October 2017
Car insurance prices are now £100 more expensive than a year ago, after increasing by 14% over the past 12 months.
That's according to Confused.com's Q3 2017 Car Insurance Price Index powered by Willis Towers Watson, which shows UK drivers are now paying £838 on average per annum for insurance, which is expected to be at its most expensive ever by 2018.
Monetarily, 21 year olds have seen the biggest price difference over the past 12 months, and are now paying £279 (19%) more than they were a year ago. Among other age groups, 17 year olds have swapped places with 18 year olds and are now paying the most, with average premiums £2,272 and £2,266 respectively.
Drivers living in the Scottish Borders have faced the biggest regional price increase, with premiums up by 12% (£76) in just three months to £684. This region has also seen the biggest annual percentage rise of 32% (£164) - more than double the national average.
Meanwhile, drivers living in the East of England are now paying the most expensive premiums they have ever paid, while motorists from Inner London, Outer London, Manchester and Merseyside, Northern Ireland and the West Midlands are still paying over the £1,000 barrier.
Amanda Stretton, motoring editor at Confused.com, says: "With car insurance costs rising by 65% over the last decade and 14% in the last year it's no wonder drivers are dreading their next renewal date."
"Worryingly, there is every possibility that car insurance prices will be the most expensive on record during the first half of next year. Luckily, insurers are required to show drivers what they paid for their car insurance last year at point of renewal."