Londoners pay nearly 50% more on their car insurance
While the cost of car insurance is not a key consideration in choosing where to live, these figures are further evidence of the huge disparity in the cost of living for people in urban areas versus rural areas. People have located to high employment areas, but doing so comes at a cost.
Our latest report shows that average premiums in one region of the country can be almost double that of another region. The average car insurance premium for Londoners is nearly 50% higher than the national average.
The figures show that the average premium for people in London stands at £1,102, which is £366 higher than the national average and £545 higher than premiums for drivers in the South West.
The large differences between prices is down to the varying risk profiles that providers judge for pricing. The cost of insurance is likely to be significantly lower for cars based in rural areas, because accidents and crime rates are statistically higher in urban areas.
For Londoners struggling with their car insurance bills, it’s essential to shop around to ensure you are on a competitive policy.