All you young drivers can now save up to £350 on car insurance! How? Check Here!

If facts and statistics are to be believed then it was discovered that young drivers pay the highest car insurance costs in the UK. According to independent research, the increasing premium cost along with hikes in Insurance Premium Tax play a vital role in adding to the car insurance cost. However, what pushes the boundaries is the unwillingness of young drivers to shop around and sticking to the same insurance provider year after year.

While insurance providers leverage on the auto renewal of motor insurance policies, the drivers are showing a real laidback attitude towards searching for cheaper quotes. In fact, the gap between the cheapest policies and the average cost of insurance is found to be £123 – the highest since 2012. This gap may rise further provided the drivers keep showing reluctance towards shopping around for motor insurance deals.

Experts also predict a further rise in IPT in the year 2017, taking the premium costs to a higher level. In recent times, it was observed that there was a £20 price hike in December 2016 which totals around £608 and £30 increase in average car insurance cost which was calculated to be £738. The savings variable has also increased from 15.8% in the beginning of 2016 to 17.6% in December 2016.

The best trick to reduce car insurance cost – Shop around!

One of the best ways to cut down on insurance costs is to shop around and compare car insurance quotes provided by insurers across the UK. Moreover, the cheapest policies may not be the best for you and your vehicle, so, it is best to check for policies that are reliable and more beneficial even if they charge a bit more than the cheapest deals. Apart from shopping around, you can slash the premiums by choosing cheaper car models, installing a Black box and mileage reducing features in your car.

As per statistics, if you are a young motorist who stops the auto renewal cycle and shops around then you can save around £350 a year on your motor insurance.

London car owners pay twice more for car insurance than the rest of Britain

Well, it is no surprise that London is an expensive place to live in. Starting from homes to car insurance, everything is costlier than the rest of Britain. The capital of England has its own charm but definitely comes with a higher cost of living. According to the latest reports by an independent survey, it was discovered that Londoners pay twice more in car insurance cost when compared to the rest of Britain.

As per the latest statistics, the average cost of insuring a car in London turns out to be £1,460. This is almost double than the rest of the Great Britain where the average cost of car insurance is around £714. When the highest insurance cost was compared with the lowest, which is paid by the people of South-West, a stark difference of £800 was observed between the two.

One of the biggest reasons for such high cost of car insurance is the expensive cars. Londoners can easily boast of some of the priciest cars in the country and the average price of a car in London is calculated as £10,232. While Nissan Qashqai bears a handsome price tag and costs around £10,416, its premium turns out to be £822, which is the cheapest model to insure. Contrary to that, the premium of Volkswagen Golf is calculated as a whopping £1,593 while the cost of the car itself is £11,066.

Talking about the costliest cars, the Mercedes Benz E Class tops the charts with a price tag of £19,099 and an insurance cost of £1,444. Leaving behind the Merc is BMW 3 series which demands you to pay £1,745. The basic reason apart from the pricey cars is that there are more chances of accidents and car thefts in urban areas than in the rest of the places in the country. Drivers in city areas are riskier to insure than those in the countryside and thus, car insurers charge higher premiums from them.

Although, you cannot change the place you live, you can certainly take measures to cut down the insurance costs. These steps include parking cars in garages, using the Black Box/ buying a telematics policy, adding a valid driver to the policy and more. You should also shop around to find the best motor insurance provider in the UK. This may sound like a Godzilla sized task but we can help you combat it by comparing the best quotes and suggesting you the cheapest of all car insurance providers in the UK.

To know more about our price comparison services, you can check our website https://freepricecompare.com/car-insurance/ or call our friendly and reliable team of comparison experts on 02034757476.

Author Bio:

Arjun Vishram is a financial advisor at Freepricecompare.com and a passionate blogger. He writes on personal finance and money-saving tips. He suggests all UK motorists to compare car insurance quotes before accepting renewal quote with existing supplier. When he isn’t writing, he is spending time to find advance technique of farming and its way of applying. He also plays his guitar gifted by his father.