Car Insurance Group 10e Average Cost – In the second quarter of 2022, the average cost paid for car insurance in the UK was £419 per year according to the ABI. Car insurance prices have generally fallen in recent years, but car insurance remains one of the biggest costs of owning and operating a car. Here’s how your premium can vary based on factors like the type of car you drive, your age and even where you live.
The average price of comprehensive car insurance in the UK was £419 between April and June 2022. However, your age, car and location can affect the price you pay by up to 500% or more. So can you and how you use your car – with drivers and couriers paying more than £2,000 a year for hire and reward insurance.
Car Insurance Group 10e Average Cost
Due to the intense competition in the industry, the cost of car insurance has actually fallen in recent years. And the impact of drivers making fewer journeys due to the covid-19 lockdown has caused prices to fall further in 2020 and 2021. Here’s the real data on the actual average price drivers pay for UK comprehensive car insurance by quarter:
Average Cost Of Car Insurance Uk 2022
Is this how much you should expect to pay for car insurance? Not necessarily. First, the above figures reflect only one type of car insurance – comprehensive. Despite this being the ‘best’ type of cover, other types (third party only and third party, fire and theft) may cost more.
And car insurance costs vary widely from person to person, for example from as little as £350 to £2,000 a year or more for comprehensive cover. Insurance premiums for young drivers are usually high, over £1,000, as are premiums for those with a poor driving record (eg convictions and accidents due to accidents) and/or driving an expensive car.
To get a better understanding of how much you’ll have to pay for car insurance, we’ve researched UK car insurance from some of the top 10 UK car insurance companies. We first looked at how rates change as you age from a young driver to a middle-aged driver to an older driver – rates typically drop between the ages of 20 and 50 and then rise again for drivers over 60.
We’ve also checked car insurance prices for cheap engine cover for the 5 most popular car models: Ford Focus, Ford Fiesta, VW Golf, Nissan Kashai and Mercedes Benz A Class. Use this information to find a good deal and know when to look for cheaper insurance.
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To see how a driver’s age affects the price of comprehensive car insurance, we’ve collected quotes for the UK’s most popular car, the Ford Fiesta, for men of different ages. Rates usually drop in adulthood until about age 60. In our study, premiums fell by 45% between ages 20 and 55, then rose again by 60% from ages 55 to 75. Rates are higher for younger and older drivers because insurance companies perceive a higher risk of accidents among these age groups.
Car insurance rates for teenagers can easily range from £1,000 to £2,000 a year or more. Teenage drivers are the riskiest age group and therefore pay 2X to 3X what an experienced driver would pay for car insurance.
In general, younger drivers in their 20s pay more for insurance than more experienced drivers. We found that drivers in their 20s were charged an average price of around £850; 25-year-old drivers would pay £720, or 15% less, for the same comprehensive cover. Higher premiums are theoretically justified because younger drivers are statistically more likely to have an accident. Younger drivers not only have less experience, but are known to engage in riskier driving behavior and therefore pose a greater risk to insurance companies.
As a group, drivers in their 30s pay less for car insurance than drivers in their 20s. In fact, the average cheap deal in our study was £639 for a 35-year-old, which was £80 less than the price for a 25-year-old. All things considered, car insurance costs should drop to about 60 years. Drivers between the ages of 30 and 60 are generally more experienced and less prone to accidents, resulting in lower premiums. New drivers over the age of 30 in the UK will pay more than an experienced 30-year-old, but should pay less than a similarly inexperienced younger driver.
Which Cars Have Cheap Insurance?
While car insurance premiums drop significantly for both male and female drivers in middle age, our research found that insurance premiums start to rise for drivers in their 60s. This is because insurance companies believe that drivers will be more accident prone as they get older. In fact, from age 65 to 75, we found that a driver can expect premiums to increase by about 50%.
Cars with a lower insurance group are usually cheaper to insure. Popular cheap cars to insure in the UK include the Vauxhall Corsa hatchback, Skoda Citigo, Volkswagen Fox and Volkswagen Up! – all have equipment levels that fall under insurance group 1.
Unsurprisingly, we found that UK car insurance prices increase with make, model and trim level, as well as the underlying value of the car. This makes sense because a more expensive car requires a higher payout from the insurance company in the event of theft, and usually costs more to repair in the event of damage. For example, a 45-year-old driver would pay a price of around £575 to insure a £12,000 Ford Fiesta with comprehensive insurance, or £812 to insure a £33,000 Mercedes Benz A-Class 220.
For reference, the cost of insurance for an electric car will typically be higher (around 13%, according to our analysis) – partly because electric cars cost more to replace than comparable cars with internal combustion engines (eg petrol or diesel cars) due to higher purchase prices.
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Remember that the higher the annual mileage, the more you pay for car insurance. For more information on how to get the most bang for your buck, check out our article on cheap car insurance companies. You can also read about how to save money on car insurance with our top tips.
Motorcycle insurance is cheaper than car insurance and starts from around £340 a year for the ever popular Honda PCX.
Every car in the UK has an ‘insurance group rating’ which insurance companies use to calculate car insurance premiums. There are 50 insurance groups, where groups with smaller numbers are cheaper to insure. The insurance group number depends on factors that determine how expensive the car is to insure from the insurer’s point of view, such as the value of the vehicle, cost of parts, safety features, chances of theft and more.
When trying to save money on car insurance, choosing a car from a lower insurance bracket can really help. In fact, the average price of an insurance group 1 car is more than 50% lower than the price for an insurance group 50 car.
Park Macro 10e Tb Ch01
Another way of looking at this is the £ savings you can achieve with a group car with lower insurance. A 20-year-old would save around £1,000 a year by choosing an insurance group 1 car instead of an insurance group 50 car; A 50-year-old would save less in terms of pounds as the figures are lower overall, but could still save close to £500 a year with a Group 1 car. To compare average car insurance prices by insurance group, see the data estimates in the following table:
If you are concerned about the cost of car insurance and are thinking of buying a car that is cheaper to insure, look for cars in lower insurance groups (eg groups 1 to 10). As shown in the table above, this can save you a lot on your car insurance premiums.
Car insurance rates are more expensive in Manchester than in any other major city in England. We compared the cost of car insurance for postcodes across England by averaging the 3 cheapest quotes available from our car insurance partner QuoteZone and found that drivers in Manchester can pay 44% more than average. The example below shows the rates for a 50-year-old driver of a 5-year-old Ford Fiesta.
Why is car insurance in Manchester so expensive? Due to the higher rate of damage in Manchester – theft in particular is a problem. In fact, the Manchester Evening News reported that nine out of ten car thieves in Greater Manchester get away with the crime and that the number of thefts increased by a staggering 80% from 2014 to 2018. As car insurance companies have higher demands in Manchester than in many other areas, local drivers pay the price through higher car insurance rates.
Jul. 5, 2012
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