The Isle of Wight has been named one of the cheapest places in the country for car insurance.
Average car insurance premiums have fallen by £53 in the last 2 quarters, to their lowest level since Q3 in 2016. At this time of uncertainty, it’s more important than ever that you’re not overpaying for your car insurance.
comparethemarket.com has developed a new tool to help you find out whether you are paying more than average for your car insurance. You simply enter your area, age, value of your car and current annual car insurance premium to find out if you’re getting a good deal. You can view the tool here: https://www.comparethemarket.com/car-insurance/content/car-insurance-premium-tool/.
The Top 5 cheapest areas for car insurance:
1 – Isles of Scilly – £329.45
2 -Orkney Islands – £442.05
3 – West Devon – £445.65
4 – Isle of Wight – £447.04
5 – Torridge – £449.72
The 5 most expensive areas for car insurance:
1 – Newham – 1521.66
2 – Tower Hamlets – 1366.69
3 – Brent – 1324.92
4 -Hackney – 1301.23
5 -Barking and Dagenham – 1295.74
Dan Hutson, head of motor insurance at comparethemarket.com, said:
“The decreased cost of car insurance premiums will be welcome news for drivers, following years of rising costs. Some Insurers have passed on savings received as a result of fewer claims during the Coronavirus pandemic from the reduction in cars on the roads. This could help families struggling financially as a result of the pandemic. Insurers should continue to support their customers wherever possible.
“For those looking to reduce their premiums further, there are a number of steps that you can take. Our research shows that the difference between the cheapest and average premium is £103. For those who are paying over the odds, switching insurer remains the most effective way to save money but there are a number of other ways to cut the cost of car insurance. For example, through reducing your annual mileage and limiting the amount of time on the road, your insurance provider may consider you lower risk and therefore reduce your premium. Drivers should also consider telematics or ‘black box’ policies which rewarded safer drivers. This is particularly relevant for young drivers who pay by far the most for cover.”