Confused.com Car Insurance Price Index Q3 2023

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

Car insurance prices have been rising for a while now – seven straight quarters in fact. But nothing of the order of the second quarter of 2023, during which the average UK comprehensive premium rose by 18%, or £119 - the highest single quarterly increase since we started the Index in 2006.

The cumulative effect of that and the previous increases is that prices have risen by 40% in the last year – another record.

The latest headlines include:

• Average UK car insurance prices rose by 19.2% in the third quarter – a quarterly record.
• Premiums have risen 57.7% on average in the last 12 months.
• The average UK premium now stands at £924, an increase of £338 in 12 months.
• Prices for 17 and 18-year-old drivers have nearly doubled in the last year.
• Drivers of cars valued between £25,000 and £40,000 have seen insurance price increases of over 70% in the last 12 months.

To request a copy of the quarterly results and to be added to the list for future mailings, please complete the form.

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.