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 1 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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

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