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Survey Report Car Insurance Price Index Q1 2024

In association with WTW

May 2, 2024

The Index monitors car insurance price trends in the UK. It is compiled from anonymous data and uses the average of the five cheapest quotes received in response to all enquiries on
Insurance Consulting and Technology

We are pleased to bring you the first quarter 2024 edition of the Car Insurance Price Index in association with WTW.

Motorists are now paying an average premium of £941, £54 less than three months ago, indicating prices might be starting to fall for the first time since a worldwide surge in inflation began in mid-2021.

The latest headlines include

  • Average UK car insurance prices have risen by 2% (£284) in the last 12 months.
  • However, premiums have on average fallen in the last three months by 5.4% (£54).
  • The average UK premium now stands at £941, an increase of £284 in 12 months.
  • Prices for 28-year-olds fell the most over the past three months, with premiums now 9.3% (£139) cheaper, taking their annual premiums to £1,353.
  • For the first time since the Index launched, the West Midlands becomes the most expensive region outside of the capital, with average premiums now costing £1,157.

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

43.2% Increase in premiums in the last 12 months.

5.4% Average uk car insurance prices fell in the fourth quarter.

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 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.

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