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UK motor insurance costs spike in Q2

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UK motor insurance costs spike in Q2

U.K. motorists saw a bigger year-over-year increase in theprice of their motor insurance in the second quarter than at any time over thepast five years, according to Confused.com's most recent survey, published July7.

Average premiums shot up by £115 over the last 12 months to£715, equivalent to a 19% hike, the comparison website reported. Compared tothe first quarter of the year, this represents an increase of 6%, or £44 onaverage.

Younger drivers got off relatively lightly, with17-year-olds paying an average of £2,013 — an annual increase of 8%. Driversaged 61 suffered a 24% increase, more than any other age group, to £418 peryear.

Male drivers were hit harder, with a 21% year-over-year hikein premiums, while female drivers saw a rise of 18%. The average male driverpays £756 on average, compared to £664 for women — a difference of £92. Threeyears ago, the gender gap was of only £27.

Motorists in Northern Ireland saw the biggest year-over-yearincrease, of 25%. Their average premium now stands at £863. Drivers in innerLondon pay the highest premiums of all, however, at £1,164 on average.