Confused.com Car Insurance Price Index Q3 2024

Contributor

At WTW, we provide data-driven, insight-led solutions in the areas of people, risk and capital that make your organization more resilient, motivate your workforce, and maximize performance.

We work shoulder to shoulder with you, bringing diverse points of view and a deep commitment to your success.

By challenging one another, we achieve breakthroughs because only the best ideas survive. The result? Innovative solutions that meet your needs—informed by the global view and the local understanding of our colleagues around the world.

Together, we broaden your horizon and sharpen your focus.

Transform your toughest challenges into actionable opportunities.

And set your path for sustainable success.

Explore Firm Details

The third-quarter 2024 Confused.com Car Insurance Price Index reveals a 2.3% drop in comprehensive car insurance premiums, marking the third consecutive quarterly decline. Average premiums are now £861, with a 6.9% annual decrease. However, premiums for 17-year-olds rose.

United Kingdom Insurance

The Index monitors car insurance price trends in the UK. It is compiled from anonymous data and uses the average of the five cheapest quotes received in response to all enquiries on Confused.com.

We are pleased to bring you the third quarter 2024 edition of the Confused.com Car Insurance Price Index in association with WTW.

Comprehensive car insurance premiums have fallen by 2.3% (£21) between July and September 2024, with UK motorists now paying £861 on average for their car insurance.

Following a two-year-long upward trajectory in prices, car insurance premiums have now decreased for three consecutive quarters following price falls of 5.4% (£54) in the first three months of 2024 and 6.3% (£59) in the second quarter.

The latest headlines include:

The average UK premium now stands at £861, having fallen by 6.9% (£63) in the last 12 months.
Premiums have now fallen for the third quarter in a row and on average by 2.3% (£21) in the last three months.
Drivers in Outer London saw the largest percentage decrease in the cost of comprehensive car insurance, with a quarterly fall of 3.8% with average premiums now costing £1,104.
17-year-olds are the only age group to be paying more now compared to 12 months ago, after an annual rise of £114 (4.4%), with average premiums now costing £2,727.

To request a copy of the quarterly results and to be added to the list for future mailings, please complete the form.

6.9%
Decrease in premiums in the last 12 months.

2.3%
Average uk car insurance prices fell for the third quarter in a row.

Subscription services

A subscription service is available, disclosing the results of this analysis for comprehensive motor insurance at a much more granular level and on a monthly basis, thereby providing a deep insight into market price movements.

This offers subscribers a detailed summary of average premiums by factor and geography with the structure and parameters of a multiplicative market model.
The service is available to organisations that are not currently Confused.com partners and is identical for all subscribers.
No analysis of individual insurance providers' prices is possible. The Index is compiled using anonymous customer data.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.