It is quite likely that there will be some similarity between changes in the cost of car insurance and taxi insurance. Therefore, it is rather disconcerting to read the Confused.com Car Insurance Price Index that was recently published for the first quarter of 2023 as this indicates that car insurance premiums are, on average, at a 12 year high.

There will no doubt be some taxi drivers who have to both insure their taxi but also own and insure a family saloon car. Therefore, they could be faced with increased costs for both vehicles. This is something that they could do without as the cost of living is so high at the moment.

The above index reveals that the average car insurance premium in Q1 of 2023 amounted to £657 per annum up by £28 per annum when compared with the last quarter of 2022 when the average premium was £629 per annum.

In the space of a year premiums have gone up by an average of £107 per annum. That equates to a huge rise of 20%.

Age plays a big part in the cost of insuring a motor vehicle. For instance, a 17 year old is paying an average of £1,612 per annum with a 21 year old paying an average of £1,471 per annum and a 26 year old an average of £1,038 per annum.

If you happen to live in Inner London then, on average, you are paying more than anyone else to insure your car – £1,067 per annum. That is £203 per annum more than the amount being paid 12 months ago. If you reside in Outer London then an average of £845 per annum is being paid with this being £158 per annum more than 12 months ago. If you live in Northern Ireland then the average premium was £704 per annum with this being £123 more than a year ago.

So, why not get in touch with us if you are looking for a competitive car insurance quotation. There is absolutely no obligation to proceed.