However, despite overall price drops, young drivers continue to pay high premiums across the UK
UK car insurance prices have gradually decreased throughout 2024, new data from Quotezone has revealed.
Published yesterday (21 November 2024), figures showed that the average premium dropped from £803 in January to £776 in September.
And the data also showed that costs fell by an average of £33 across all UK regions in the second and third quarters of this year.
It comes after ABI figures, published in November 2024, showed that the average price of motor insurance fell 2% between July and September to £612.
This followed the 2% decrease in premiums recorded by the ABI for Q2 2024.
Regional gaps
However, while car insurance costs have generally fallen, regional variations are stark.
Read: Motor premiums fall in Q2 2024 after two years of increases – ABI
Read: ABI clamps down on motor premium finance charges
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For example, according Quotezone, to London remains the most expensive area for car insurance, with an average premium of £1,262.75 in September – £455 above the national average.
The west Midlands and north west follow, with premiums sitting at £975.39 and £897.24 respectively.
However, south west England is the most affordable, with drivers paying an average of £586.88 – £203 below the UK average.
Meanwhile, young drivers continue to pay high premiums across the UK.
In London, drivers aged 17-24 face annual costs averaging £3,618.17, over 75% higher than the £903.49 paid by those aged 45-64.
And in the south west, young motorists still pay an average of £1,857.53 – over four times more than their older counterparts.
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