The Isle of Wight has been named as the second cheapest area in country for car insurance.
Research carried out from CompareTheMarket found the Island comes second to the Isles of Scilly, whilst Newham in London is the most expensive.
According to the price comparison company, car insurance is at its cheapest since 2015. However, it’s anticipated that a rise in traffic levels due to the easing of Coronavirus restrictions will cause insurance premiums to rise.
Dan Hutson, Head of Motor Insurance at CompareTheMarket said,
“Motorists will be relieved that car insurance premiums have once again fallen since household finances have been under pressure from both the pandemic and the prospect of rising inflation.
“For those looking to reduce their premiums further, switching insurer is a quick and easy way to reduce the cost when your policy comes up for renewal, especially for younger motorists. Our research shows the difference between the cheapest and average premium is £92 but these savings increase to almost £200 for drivers below the age of 25.
“However, as more cars return to the road, it is worth noting that the cost of insurance could start to increase after rapidly falling in the first few months of the year. As the remaining Covid-19 rules are set to be relaxed and more people head back into the office, we may see more car insurance claims causing the cost of premiums to accelerate back to pre-pandemic prices. Drivers may want to think about switching early to lock in a lower premium if they are not too far from their renewal date.”
You can see the full regional breakdown and whether you are paying more than average on the CompareTheMarket Website.
