Research has revealed that motorists from the North-West of England pay higher car insurance premiums compared to the rest of the UK, areas such as Bradford, Oldham and Manchester have experienced the highest increase overall after Confused.com released their Insurance Price Index for 2011.
Car Insurance prices have risen over the last 12 months with Comprehensive cover increasing by 4.9%, on average £39, and at the end of 2011 the average policy premium stood at £844. Third Party Fire and Theft saw an increase in premiums by 10.2% for the year translating to an average of £107 increase per insurance making the overall average policy around £1162 for last year.
The findings from the index also show just how much car insurance premiums have risen over the last year for the age bracket 17-20 years old, these motorists are feeling the effects of the cost of insuring a car and are paying an average of £2,590 a year while motorists aged 66 and over were paying an average of £451 for the year.
Gareth Kloet Head of Car Insurance at Confused spoke about their findings through the price index saying: “This time last year drivers were paying an eye watering £804 average premium for comprehensive cover which has continued to rise to a massive £844 over the past 12 months.
“In 2012 we can expect to see new factors affecting car insurance prices such as the introduction of the EU legislation on gender due at the end of this year meaning that insurance cannot be priced according to gender.
“We will also see new technologies affecting car insurance prices such as black box technology which allows insurers to offer discounts to drivers who can prove that they are careful behind the wheel.”
An increasing number of motorists are choosing to get rid of their car and use public transport because of the ongoing costs of running a car, the cost of MOT testing, taxing a car, car insurance, petrol prices and general wear and tear issues makes owning and running a car more expensive each year and with the cost of living rising, high insurance premiums are adding to the worry.
The index published by Confused also showed that Torquay and Exeter had a fall in prices with both falling by 2.2% for the year.
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By Amanda Bainbridge