Every month, Compare the Market compiles its Motor Snapshot which uses interactive tools to look at the cost of insurance depending on your age and where you live. Find out more in this month’s report.
The data is based on all motor insurance quotes undertaken via Compare the Market in August 2019-2020.
Head of Motor, comparethemarket.com
“Car insurance premiums continued to decline for the fourth consecutive month in August, dropping to a new low of £695 – the lowest level seen in over four years. This £6 decrease on July’s levels will be welcome news for drivers, and is likely a result of insurers facing pressure to pass on cost savings from a reduced amount of claims during the coronavirus lockdown onto customers.
“Differences in the cost of motor insurance depending on age appear to be increasing, with those under the age of 25 paying an average of three times – or £777 – more than those over the age of 65. Premiums for under-25’s increased by £64 in August, while over-65’s benefitted from a £6 decrease in the cost of insurance. While higher prices for younger drivers are to be expected due to the increased statistical likelihood of an accident, this difference in cost is considerable.”