The cost of car insurance in Wales is at a two-year high, according to new data today.
Drivers in the region can now expect to pay £712 for their car insurance, on average, following increases over the past year.
That’s according to Confused.com’s latest car insurance price index, powered by Willis Towers Watson. Based on more than six million quotes every quarter, it’s the most comprehensive car insurance price index in the UK.
However, drivers in Llandridnod Wells have been hit the hardest by the recent increases, as the average price of car insurance in the area has accelerated by a staggering £75 (15%) in the past three months alone – an increase that is twice as high as anywhere else in Wales.
Drivers in the area are now paying £574 for their car insurance, on average. They also saw the highest increase to their annual premiums, with prices rising by £53(10%) on average, over the past 12 months.
Although, this isn’t the most expensive price for car insurance in Wales. In fact, drivers in Newport are paying an eye-watering £765 in comparison, on average.
Following these recent increases, the average price of car insurance in Wales is now nearing the most expensive on record. In fact, car insurance costs in Central and North Wales are just £52(7%) off the highest price paid back in 2011 and £75(9%) in South Wales. And if prices continue to rise at the current rate, drivers may be paying a new record by the end of the year.
These increases are mirrored across the UK, as the average price of car insurance has now reached £815 following a £41 (5%) increase over 12 months – the steepest rise in prices in two years. The data also shows the cost of car insurance has climbed by £32 (4%) in three months (Q4 2019), which is also the biggest quarterly increase in more than two years.
Following these recent increases, the average price of car insurance is now nearing the 2011 peak of £858, with UK motorists today paying just £43 (5%) less than this record price.