Car Insurance Costs in Wales Rise by 11%: Cardiff and Newport Among Most Expensive Areas
Car insurance in Wales is on the rise, with prices increasing by 11 per cent in the last year according to Confused.com. The average cost for drivers in the region now stands at £653, a £68 increase from the previous year. Despite a recent decrease of £47 in the last three months, prices remain higher than they were this time last year.
The most expensive area for car insurance in Wales is Cardiff, where drivers face an average price tag of £728 after a 12 per cent increase in the last year. Newport also saw a significant increase, with prices rising by 14 per cent to an average of £697.
While insurance costs across the UK have decreased by 6 per cent in the last quarter, the average premium still stands at £882 after a £106 increase within 12 months. Many drivers are experiencing higher costs upon renewal of their policies, with 68 per cent reporting an average increase of £92. However, by using a comparison site and switching providers, 37 per cent of customers managed to save around £82 on average.
The study also revealed that UK drivers are unlikely to see their car insurance costs drop below £1,000 until the age of 38. Younger drivers, particularly 18-year-olds, are facing the highest prices, averaging at £2,960 with a 23 per cent increase in the last year.
Male drivers continue to pay more on average, with premiums at £939 following a 14 per cent rise from the previous year. Female drivers are also seeing an increase, with premiums now at an average of £786, a rise of £96 from last year.
Louise Thomas, a car insurance expert at Confused.com, emphasized the importance of shopping around for the best deal. She suggested using a price comparison site to switch providers and potentially save money. Thomas also recommended being accurate with mileage, considering a higher voluntary excess if affordable, and paying annually rather than monthly to save on interest charges.
Despite the rising costs of car insurance, there are ways for drivers to save money and find a more affordable policy. By being proactive and exploring different options, motorists can potentially reduce their insurance expenses and ease the financial burden of owning a vehicle in Wales.