Confused.com Car Insurance Price Index Q3 2015, in association with Towers Watson, reveals that whilst Scottish Drivers face annual increases, they still enjoy some of the lowest insurance premiums across the UK-
• All Scottish regions have experienced yearly price rises, with motorists in the East & North East of Scotland suffering the largest annual price hike of 10.9% – equal to £44.
• Motorists in the Hebrides have seen the largest quarterly price rise of 20.3%, and the largest quarter on quarter increase recorded in Scotland, since the Index began in 2006.
• First time in four years that Scottish drivers have been hit by such dramatic increases over a 12 month period (Q2 2011).
• Male drivers in the East and North East of Scotland have been hardest hit across the board, facing the biggest annual price hikes – 11.7%
• Not all bad news for Scottish drivers, as they still enjoy some of the lowest insurance costs. Motorists in the Scottish Borders are paying the lowest average car insurance premium of anywhere in the UK – £421
Motorists in the UK have experienced car insurance premiums rising substantially across the board during the third quarter of 2015, and there is no exception for Scottish drivers.
Across the UK, comprehensive car insurance premiums have risen during the third quarter of 2015, with motorists now paying £47 more than they were at the same time last year. This means the average quoted premium for an annual comprehensive car insurance policy now stands at £629 in Q3 2015, compared to £582 in Q3 2014.
According to the latest Confused.com Car Insurance Price Index, drivers across Scotland have been impacted hugely by these car insurance price hikes. Motorists in the East and North East of Scotland have seen the biggest increase to their car insurance premiums, seeing them rise by 10.9% compared to this time last year, and 4.1% quarterly.
Drivers in the Scottish Highlands, saw a similar story with their comprehensive premiums increasing by 10.2% annually to £463 – and a rise of £34 in the last 3 months alone. And these drivers are continuing to bear the brunt as they experience the biggest quarterly price rise across the UK – 8%.
Drivers in Central Scotland saw their policies jump by 9.8% year-on-year, a price rise of £45. And motorists in the Scottish Borders saw their policies increase by 8.0% year-on-year – a rise of £31. For Scottish drivers this is the first time in four years that they have been hit by such dramatic increases over a 12 month period (Q2 2011).
However, it appears that its drivers in the Hebrides that have drawn the short straw, seeing their insurance policies increase quarterly by a staggering 20.3%, taking their average car insurance premiums to £541. This is the biggest quarterly increase across the UK, and the second largest quarter on quarter increase recorded since the Car Insurance Index began.
Both men and women have seen their premiums rise year on year, however male drivers in the East and North East of Scotland have been hardest hit across the board. These motorists have faced the biggest annual price hikes – 11.7%, bringing their premium up year on year by £49 to £465. Females in this region have also been impacted, experiencing an increase over the last 12 months of 9.8%, bringing the average premium to £424.
It’s also bad news for female drivers in the Scottish Highlands who have been effected by the largest quarterly increase of 8.2% – the highest across the UK, taking the average policy to £433. However, even though they were dealt a price increase, they are paying £196 less than the national average of £629.
As Scotland continues to face steep prices in premiums, it would seem males aged 56-60 in the East and North East are facing the greatest price hike over the last year -16.3%. Their average premium now up year on year by £43 to £304, compared to £261 in Q3 2014.
And it appears to be a similar story for females aged 56-60 in the East and North East of Scotland. Females living in the East and North East have seen their premiums rise year on year, with an increase of 9.8% – the average premium now costing £424. And these bumper price rises seem to be continuing for the females who live in the Highlands, with the over 71s experiencing the largest quarterly price rise of 9.9%.
Whilst many Scottish drivers have experienced price rises, motorists in the Shetlands can breathe a small sigh of relief as they experience a year-on-year decrease of 2.8%. And interestingly this is the only area in the UK that has seen an annual price drop in their comprehensive insurance premium. In fact, drivers in this area have seen the biggest quarterly decrease across the board, with a price drop of 8.3%, bringing their average premium down to £477.
And its good news for females living in the Scottish Borders, aged 66-70, who are the only demographic in Scotland to have experienced a quarterly decrease – 4.2%. The average annual comprehensive car insurance policy for this age group now stands at £271, which is £358 less than the national average.
Though drivers in Scotland have seen a mixed bag of increases and decreases, the news that they are enjoying some of the lowest premiums of drivers across the UK must be a relief for many. In fact, drivers in the Scottish Borders are enjoying the lowest premiums of all drivers in the UK, paying £421, compared with the national average of £629.
Steve Sanders, Finance Director at Confused.com says: “Motorists in Scotland have been hit hard by the latest annual price rises, particularly drivers in the East and North East where premiums have risen by 10.9%. However, many drivers in Scotland may take solace in the fact they have some of the lowest premiums of drivers across the UK.
“However, the Index results seem to indicate substantial increase in premiums across the board. Therefore motorists in Scotland need to consider that further price increases are on the horizon, and that their insurance premiums may no longer remain as some of the cheapest in the UK. With that in mind, we would urge consumers to visit Confused.com to shop around and compare prices to ensure they get the best deal possible.”