The post-Christmas pinch is made worse for motorists in South Wales, as new data reveals the cost of car insurance in the region has increased over the past three months.
The cost of car insurance in South Wales increased by +1% – equivalent to +£10 in three months, with motorists in the region now paying £704, on average. That’s according to the most comprehensive car insurance price index in the UK based on more than six million quotes a quarter from Confused.com and powered by Willis Towers Watson.
While this increase may seem small, prices appear to be accelerating at a much faster rate compared to three months ago, when the cost of car insurance increased by +£1 (+0%) in comparison (Q3 2018), following four consecutive quarters of decreases.
|However, the current price of insurance in South Wales is still -£43 (-6%) cheaper than 12 months ago, despite the increases seen this quarter (Q4 2018). Llandrindod Wells is the cheapest place in Britain to insure a car.
To help motorists in the region see how these increases have impacted their own premiums, Confused.com has created a car insurance calculator. The tool allows users to input their region, age and gender to find out the average cost of premiums for their demographic, compared to 12 months ago.
In central and north Wales the average premium was £635 compared to the £704 in South Wales. If you think that’s bad, inner London drivers pay about £1,169 annually.
Motorists in Newport will be feeling the pinch of these increases in particular, as it is revealed to be the most expensive area in South Wales for car insurance. Motorists in the region pay £719, following a +£23 (+3%) increase over the quarter, on average.
These increases are reflective of the direction car insurance prices are heading across the majority of the UK. According to the data, the cost of car insurance in the UK rose +2% over the past three months – equivalent to +£14 – to £774, on average.
However, not all motorists will have seen these increases when quoting for car insurance.
In particular, the price of car insurance for 17 year olds has in fact dropped to the lowest since 2006, offering some respite for young and potentially new drivers. The average cost of car insurance for motorists of this age dropped -£349 (-16%) year-on-year, and -£98 (-5%) since three months ago, but is still an eye-watering £1,855.