Confused.com Car Insurance Price Index Q4 2023

We are pleased to bring you the fourth quarter 2023 edition of the Confused.com Car Insurance Price Index in association with WTW.

Car insurance premiums have now risen for nine straight quarters since the last three months of 2021, recording a price rise of 7.6% (£71) in the final quarter of 2023. The cumulative effect of these rises is that prices have risen by over 58.1% in the last year – another record.

The latest headlines include:

• Premiums have on average risen by 58.1% (£366) in the last 12 months – an annual record.
• Average UK car insurance prices rose by 7.6% (£71) in the final quarter.
• The average UK premium now stands at £995, an increase of £366 in 12 months.
• Drivers under 18 saw prices jump by £1423 (97.9%) compared to a year ago.
• Drivers of cars valued between £25,000 and £40,000 have seen insurance price increases of up to 77% in the last 12 months.

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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.

If would like to know more about the monthly index subscription service and how to subscribe, please email Anneliese Bedwell.