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Press Release

Car insurance premiums fall for first time in over two years

April 18, 2024

Motorists are now paying £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.
Insurance Consulting and Technology|Personal Lines Insurance
Insurer Solutions|InsurTech

LONDON, April 18, 2024 – Comprehensive car insurance premiums have fallen by 5% (£54) during the last three months, with UK motorists now paying £941 on average, according to the latest Car Insurance Price Index in association with WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company.

Although the data shows a fall in prices during the first three months of 2024, car insurance premiums still recorded an annual rise of 43% (£284), according to the longest established and most comprehensive car insurance price index in the UK. The index is based on price data compiled from over six million customer quotes per quarter.

Comprehensive car insurance - Quarterly price trends

Comprehensive car insurance - Quarterly price trends
Source: WTW / Car Insurance Price Index. *Average values rounded to the nearest whole number.
2023 Q1 2024 Q1
Average Premium* £657 £941
% Change in Quarter* +4% -5%
£ Change in Quarter* +£28 -£54
% Change Annually* +20% +43%
£ Change Annually* £107 £284

Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting at WTW, said: “After a series of record highs in 2023 took car insurance premiums into uncharted territory, the latest pricing data suggests the relentless rise in prices may finally be turning a corner.

The latest pricing data suggests the relentless rise in prices may finally be turning a corner.”

Tim Rourke | UK Head of P&C Pricing, Product, Claims and Underwriting at WTW

“Even with inflation easing, however, more vehicles with advanced technology that require complex and expensive repairs and higher rental vehicle costs, increased frequency and severity of claims and ongoing supply chain issues risk a perfect storm of issues that can be expected to continue to put pressure on car insurance premiums.”

All regions across the UK recorded price falls over the last three months. Drivers in Northern Ireland saw the largest percentage decrease in the cost of comprehensive car insurance, with a quarterly decrease of 8% with average premiums now costing £968. The smallest annual decrease was seen in Central Scotland, where drivers saw a quarterly fall of 3%, with average premiums now costing £871.

The South West of England continues to be the cheapest region for car insurance, with average premiums now costing £606. Even though car insurance premiums in Inner London fell by £106 in the last three months, this still remains the most expensive region with average prices at £1501. For the first time since the Index launched in 2006, the West Midlands region has become the most expensive area outside of the capital, with average premiums now costing £1157.

Most expensive regions in the UK

Most expensive regions in the UK
Source: WTW / Car Insurance Price Index. *Average values rounded to nearest whole number.
2023 Q1 2024 Q1
Inner London £1067 £1501
Outer London £845 £1220
West Midlands £787 £1157
Manchester / Merseyside £814 £1151
Leeds / Sheffield £745 £1074

More locally focused data shows motorists in North West London experienced the greatest quarterly fall of 9% taking their average premiums from £1680 to £1529[1]. West Central London continues to be the most expensive postcode in the country where drivers now pay an average bill of £1815, while Llandrindod Wells in Wales remains the cheapest town in the UK with prices on average now costing £557[2] .

Drivers aged 28 benefited from the greatest price fall, compared to other age groups, seeing a 9% quarterly price decrease, taking their annual premiums to £1353. The only age group to see their car insurance prices increase during the first quarter of 2024 were drivers aged 17, with a rise of 1% (£42) and an average annual premium of £2919.

Steve Dukes, CEO at comments, “While the cost of car insurance may have dropped at the beginning of this year, customers are still paying historically high prices for their car insurance. Premiums are still more expensive year-on-year, so as an industry, there’s still an important role to play in helping customers to understand where they could be saving money.”

About the index

The index is compiled using anonymous data from all enquiries submitted on The prices used for analysis are based on an average of the best five quotes received.

The car insurance price index has been running for more than 10 years. In this time, the price comparison market has grown significantly (80% market share), and the make-up of the UK driving population has changed along with it. We’ve been monitoring trends within the car insurance industry and have updated our method utilising machine learning techniques to one that reflects today’s UK motor market. This has resulted in an adjustment to the car insurance prices reported in our index.

About Confused.Com

Launched in 2002, was the UK's first price comparison site for car insurance and is one of the UK’s biggest and most popular price comparison services, generating over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include small van insurance, motorcycle insurance, car buying, and car finance, as well as a number of tools designed to save drivers money on motoring. is not a supplier, insurance company or broker. It provides an objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more.’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.

About insurance consulting and technology

WTW’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.


  1. While the Hebrides and Shetland Islands recorded a larger quarterly drop in car insurance premiums for Q1 2024, a small sample size mean these results are not considered statistically significant. Return to article
  2. While the Hebrides recorded a lower car insurance premium for Q1 2024, a small sample size mean these results are not considered statistically significant. Return to article
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