You are here: Home - Insurance - News -

Londoners pay over £1,000 more for car insurance

0
Written by:
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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
worried mortgage customers
Two in five homeowners suffer from mortgage stress

Does getting a mortgage involve too much jargon and complexity?

Close