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Ogden rate means higher vehicle insurance premiums - but by how much?

23 Juin 2017

The average annual vehicle insurance premium in the United Kingdom increased by £90 in 2016 to around £666, according to a new research carried out by Consumer Intelligence.

Consumer Intelligence said average auto insurance bills have risen by 15.7% amid new rules related to personal injury claims and compensation.

In this research, Consumer Intelligence compared the prices offered by major price comparison websites and direct insurers to 3,250 people to calculate vehicle insurance premiums.

The following list details average premiums and increases over the past year across the United Kingdom, as per research. It said the 21-24 age group has seen slightly lower annual premium increases at 13.1% but with average prices at £1,202.

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As for location, drivers in London have the highest average premiums of £1,000 across the United Kingdom, with average increases of 16.7% amid growing claim costs. Drivers aged over 50 are paying about £418 for insurance cover, but experienced the biggest increase at 17.9%.

John Blevins, a pricing expert at Consumer Intelligence, said the full impact of a recent hike in the rate of insurance premium tax (IPT) was yet to show up in the figures, so drivers would need to shop around to limit the hikes to their premiums. The West Midlands, on the other hand, has the lowest average price increase at 13%.

"Government plans to review the Ogden rate have so far taken a back seat following the election, although there is some relief from plans to push ahead with whiplash reforms announced in the Queen's Speech".

Ogden rate means higher vehicle insurance premiums - but by how much?