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Londoners pay over £1,000 more for car insurance

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05/04/2018
Londoners are paying more than double the UK average for car insurance, as research shows that where you live dramatically affects the cost of your premium.

The research from GoCompare car insurance shows the average price for car insurance is £826.77, but those in West London – the most expensive for car insurance – will pay anywhere from £1,734.80. Residents of Galashiels in Scotland pay the least at just £544.84 for the cheapest premium.

After West London, East London is the next most expensive area, with an average starting premium of £1,516.32, Central West London is third with premiums starting from £1,433.88, Central East London is next at £1,319.33. North Londoners came fifth, paying an average of £1,309.83 for the cheapest premium.

Among the cheaper areas, Exeter’s average premiums start at £559.47, with Truro in Cornwall at £562.19 and Perth, Scotland at £566.25. There is a difference of £1,189.96 between highest and lowest premiums by postcode.

GoCompare car insurance’s Matt Oliver, said there are a number of factors which could influence the price of insurance premiums. These include crime rates, how dangerous the roads are, as well as the number of claims made in a particular area.

He added: “Insurers will therefore deem areas with higher crime and claim rates a higher risk, which pushes the premium up. Another factor is car type. Affluent areas of West London are more likely to have vehicles with bigger price tags, engines and gadgets, which again, bumps the average best premium up in this area.

“Areas of the country where the premiums are the lowest, in Scotland, Devon and Cornwall, are less built up, have a lower crime rate and less cars on the road, which could potentially result in less claims. They are therefore deemed as a lower risk by insurers, making premiums considerably less than the London area.”

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  • Sharon Mawson QuickPages

    Sadly when it comes to insurance its a fact of life that where you live will have a significant impact on what you will pay for your premium. It is therefore crucial that when it comes to renewing that you are as savvy as possible in order to get the best possible price. Our research shows that to get the best deal you should call insurers directly rather than relying on comparison sites. Actually speaking to someone means that you can negotiate, which is something a computer algorithm can’t do! We recommend speaking to at least three providers to get the best saving.
    Sharon Mawson, QuickPages

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