The cost of car insurance across Wales has increased in the past 12 months, shows new data.
The average price of car insurance in the region has accelerated by £21 (3%) in the past year to now stand at £699, according to the latest Confused.com survey of more than six million quotes every quarter, the most comprehensive car insurance price index in Britain.
While this may not be the news that drivers want to hear at this time, further research offers some relief, revealing the potential savings to be made from shopping around and avoiding automatic renewals.
It found that nearly half (46%) of UK motorists saw their car insurance price increase. Of those who saw their insurance price increase, more than a third (37%) opted to shop around using a price comparison website and switch to a better deal, saving £59, on average. Some drivers saw even bigger savings, with one in six (17%) finding a policy that was more than £100 cheaper than their original price.
Following the report of these increases, Louise O’Shea, CEO at Confused.com, highlighted the importance of shopping around. It’s important, now more so than ever, for drivers to take a closer look at the price they’re paying for insurance and see if there’s a better deal out there for them.
“While automatically renewing may seem like the stress-free thing to do in the short-term, it could end up costing drivers more in the long run. Those taking this option could be signing up to an annual policy that is potentially hundreds of pounds more expensive than other options out there.
“Therefore, it’s crucial for drivers to be taking the time to check their renewal document and compare with the previous year’s price. And even if prices are similar, or have dropped slightly, then there is still the opportunity to save money. To further incentivise drivers to seek out a better deal, Confused.com is giving them the chance to save even more by guaranteeing to beat their car insurance renewal price, or give them the difference plus £20.”
Over the past 12 months, the cost of car insurance has increased across Wales. However, some drivers have seen more significant changes in the price than others. According to Confused.com’s price index, motorists in South Wales have been hit hardest by the increases, with prices in the region climbing by £25 (3%) in 12 months. Drivers in the region can now expect to pay £726 for their car insurance, on average.
Similarly, prices have increased in Central and North Wales, with the average cost of car insurance rising by £14 (2%) year-on-year. This means drivers in the region are now paying £637 for their car insurance.
It’s a similar picture across the rest of UK, with all regions facing increases year-on-year. Overall, the average premium for UK drivers increased by £47 (6%) to now sit at £809. Although, in the past three months alone, prices dipped by £6 (1%), on average.