August is the cheapest month to buy car insurance

Motorists who renew their insurance policies in August pay 10 per cent less on average than those who renew in January

Money

August is the cheapest month of the year to take out a new car insurance policy, according to new data.

The average price of a car insurance quote on comparison site MoneySuperMarket was £496.16 in August 2018, compared with £549.25 in January the same year. This is a £53.09 difference between the cheapest and most expensive month.

• Best car insurance companies 2019

Further data from MoneySuperMarket shows that, in the first half of 2019, the average quote for a fully comprehensive insurance policy remained below £500 for two consecutive quarters for the first time since summer 2015. The average quote was £466 in the first quarter of 2019, rising to £472 in the second quarter.

 

Month

 

 

Average quote

 

 

January

 

 

£549.25

 

 

February

 

 

£507.62

 

 

March

 

 

£504.91

 

 

April

 

 

£510.72

 

 

May

 

 

£520.15

 

 

June

 

 

£506.37

 

 

July

 

 

£498.92

 

 

August

 

 

£496.16

 

 

September

 

 

£505.79

 

 

October

 

 

£515.53

 

 

November

 

 

£538.49

 

 

December

 

 

£540.42

 

Analysis of 1.7 million insurance quotes showed motorists in Kirkwall saw their quotes fall the most in the second quarter of 2019 down five per cent from £334.65 to £317.62. Meanwhile, drivers in Durham, Norwich and Galashiels saw premiums drop three per cent, while those in Darlington, Paisley and Lincoln enjoyed a two per cent decrease.

East London remained the most expensive place to insure a car, with a fully comp policy quote coming in at an average of £935.20. In contrast, the Isle of Lewis in Scotland’s Outer Hebrides had the cheapest quotes at just £303.47. London as a whole had an average quote of £668, while Scotland’s figure was £364.

The two youngest age groups have seen quote prices decrease in the last 12 months – down 12 per cent for 17-19 year-olds to £993.61 and five per cent for 20-24 year-olds to £939.72. In addition, female drivers’ average quote fell four per cent £423.36, while men were quoted £516.15 – down five per cent.

Insurance premiums set to rise for cars vulnerable to keyless theft

Emma Garland, data scientist at MoneySuperMarket, commented: “It’s good to see premiums staying below £500 for the second quarter running and this can be attributed to two things.

“First, there was a swift drop in the spring last year after the government reduced its calculations for lump sum payments for personal injury claims, which particularly affected younger drivers because they have more accidents.

“The second, longer term trend is the growing availability of black box, or telematics insurance. It is competitively priced and encourages safer driving, so it has helped to keep a ceiling on premiums.”

When do you buy your car insurance? Let us know how much you pay below...

Recommended

Pay-per-mile road pricing no longer politically toxic, study suggests
Motorway
News

Pay-per-mile road pricing no longer politically toxic, study suggests

The Social Market Foundation says fuel duty unfairness opens the door for road pricing schemes
15 Oct 2021
Transport secretary Grant Shapps confirms digital driving licences are on the way
Digital driving licence
Consumer news

Transport secretary Grant Shapps confirms digital driving licences are on the way

DVLA plans to offer a digital provisional driving licence by 2024, with full digital licences to follow at a later date
17 Sep 2021
Electric car charge points to be installed in every new home in the UK
Home charging point
News

Electric car charge points to be installed in every new home in the UK

England will be the first country in the world to introduce mandatory electric car charging points for new-build homes
10 Sep 2021
Government asks for more Smart Motorway safety data with revised Highway Code on the way
smart motorway
News

Government asks for more Smart Motorway safety data with revised Highway Code on the way

A revised version of the Highway Code will cover Smart Motorway driving, as National Highways pledges to improve data and monitoring
8 Sep 2021

Most Popular

New 2022 Range Rover leaks: first look at new Land Rover flagship SUV
Range Rover leak - front
Land Rover Range Rover

New 2022 Range Rover leaks: first look at new Land Rover flagship SUV

Images of what could be the next Range Rover have appeared on social media ahead of next week’s reveal
20 Oct 2021
New Kia EV6 2021 review
Kia EV6 front tracking
Kia EV6

New Kia EV6 2021 review

With a sporty drive, 300-plus miles of range and plenty of tech - could the new Kia EV6 be one of the best electric cars on sale?
19 Oct 2021
Friends reunited: buying back a Porsche 911
Porsche 911
Porsche 911 Coupe

Friends reunited: buying back a Porsche 911

How perfect timing led a Porsche 911 fanatic to buy back his old car
14 Oct 2021