Car Insurance Premiums Fall In Q2 2024

If you are a courier who is running his or her own business then you will presumably be keen to contain or better still lower your expenditure. Well, one of your business expenses will be courier insurance. You may find it of interest to read that car insurance premiums reduced by an average of £59 per annum between Q1 of 2024 and Q2 of 2024 according to the Confused.com car insurance price index.

Whilst the above index relates to car insurance it is quite likely that premiums for courier insurance may have also come down in price.

Whilst this news has got to be welcomed it must also be borne in mind that, on average, the cost to insure a car is still higher in comparison to 12 months ago. A year ago, premiums averaged £988 per annum. Now premiums are averaging £882 per annum. That is a rise of 14% – a significant increase.

So, what has caused car insurance premiums to go up? Well, one of the reasons is that the cost of car parts has risen. If your car is involved in a road traffic accident then it is quite likely that the car body repair shop will need one or more parts to replace the damaged ones. This cost is passed on to the insurance company who in turn, in a number of instances pass on this rise to the motorist in the form of higher motor insurance premiums.

Di you know that the most expensive region in the UK for car insurance is Inner London. If you happen to live in this region then, on average, premiums amounted to £1,404 per annum. That is a rise of 12% when compared with a year ago. If you live in say Northern Ireland then the average car insurance premium is much lower at £925 per annum but this is still 13% more than a year ago.

If you are a young driver who is just setting up his or her courier service business then expect to pay more to insure your vehicle than an older driver. As an example, an 18 year old pays an average of £2,960 per annum to insure their car whilst a 38 year old pays an average of £968 per annum. As you can see this is a very big difference.

So, when you are looking for courier insurance make sure that you shop around. In that respect why not get in contact with us as we provide access to a panel of insurers.