Motorists will be pleased to hear that the average premium for car insurance in the United Kingdom fell in Q1 of 2024 by £54 per annum when compared to the previous quarter with that equating to a fall of 5% to £941 per annum. That is after premiums hit record levels in Q4 2023. This will no doubt come as welcome news for motorists whether that is owners of private cars or taxis.

The above figures come from the Confused.com car insurance price index that has been producing figures on a quarterly basis for a number of years. Although the data relates specifically to car insurance it is more than likely that premiums for taxi insurance have, on average, also gone up.

It has to be said that the above is good news especially when you consider that motorists are currently seeing quite high fuel prices at petrol pumps in various locations around the UK.

It will probably not surprise our readers to hear that when it comes to paying for car insurance it tends to be the young, inexperienced driver who ends up being charged more for insuring his or her car than the more mature, experienced motorist. As an example, it isn’t until you get to 41 years of age that you see premiums of below £1,000.00 per annum being charged on average. However, if you are aged 18 then the average premium is £3,145 per annum with this being 70% more than a year ago.

If you live in London then you will be aware that a number of things cost more than if you lived say in the North i.e. houses. The same thing applies to car insurance with premiums averaging £1,501 per annum in Inner London and £798 per annum in the North region.

So, if your existing cover is shortly coming up for renewal or you are looking for taxi insurance for the first time why not get in touch with us to obtain a competitive quotation without any obligation.