Insurance cheapest in Shropshire
Shropshire, Devon, and Pembrokeshire are the cheapest places to get insured in England, new figures reveal.
By contrast people living in London, Hull, and Grimsby pay the most for their cover, research from Moneysupermarket.com shows.
And the gap between the cheapest and the most expensive places for home insurance alone is significant, with Westminster in London almost five times more expensive to insure a three-bedroom house than Bishops Castle in Shropshire (£903.81 compared with £184.52).
But there is a danger insurers are pricing based on a whole area, rather than looking at the individual properties themselves.
"Home insurers look at the crime rate in an area, therefore your likelihood of getting robbed or burgled, the average property price, the affluence of an area and whether where you live could be affected by flooding or subsidence," said Richard Mason, director of insurance at price Moneysupermarket.
"There are no hard and fast rules though, so an affluent area which is relatively free from crime may still suffer from high premiums because of the rebuild value of homes.
"I would call upon all insurers to assess premiums on a case by case basis, rather than black list whole cities as 'high-risk'."
But it is not just home insurance that is cheaper depending on where you live, with car insurance premiums also varying widely.
The average annual premium for a woman between 45 and 55-years-old driving a Ford Focus in Liverpool is £2,634, but in York this drops to just £145.
For a man of the same age driving the same car the average annual premium is as high as £2,406 in Wembley, Middlesex, and as low as £143 for in Shrewsbury.
"Car insurers look at the rate of car crime, the type of car you drive, your age and whether your area has drivers classed as 'high-risk' or particularly prone to accidents," Mr Mason said.
"So even [if] you live in an area where the incidence of car crime is low, you could suffer high premiums because of the number of reckless drivers in your town.
"Home and motor insurers weight these various factors differently, so anyone who finds their insurance premiums too high should look for insurers who will assess their premiums on an individual basis."
By contrast people living in London, Hull, and Grimsby pay the most for their cover, research from Moneysupermarket.com shows.
And the gap between the cheapest and the most expensive places for home insurance alone is significant, with Westminster in London almost five times more expensive to insure a three-bedroom house than Bishops Castle in Shropshire (£903.81 compared with £184.52).
But there is a danger insurers are pricing based on a whole area, rather than looking at the individual properties themselves.
"Home insurers look at the crime rate in an area, therefore your likelihood of getting robbed or burgled, the average property price, the affluence of an area and whether where you live could be affected by flooding or subsidence," said Richard Mason, director of insurance at price Moneysupermarket.
"There are no hard and fast rules though, so an affluent area which is relatively free from crime may still suffer from high premiums because of the rebuild value of homes.
"I would call upon all insurers to assess premiums on a case by case basis, rather than black list whole cities as 'high-risk'."
But it is not just home insurance that is cheaper depending on where you live, with car insurance premiums also varying widely.
The average annual premium for a woman between 45 and 55-years-old driving a Ford Focus in Liverpool is £2,634, but in York this drops to just £145.
For a man of the same age driving the same car the average annual premium is as high as £2,406 in Wembley, Middlesex, and as low as £143 for in Shrewsbury.
"Car insurers look at the rate of car crime, the type of car you drive, your age and whether your area has drivers classed as 'high-risk' or particularly prone to accidents," Mr Mason said.
"So even [if] you live in an area where the incidence of car crime is low, you could suffer high premiums because of the number of reckless drivers in your town.
"Home and motor insurers weight these various factors differently, so anyone who finds their insurance premiums too high should look for insurers who will assess their premiums on an individual basis."
posted by Levi at 10:27 PM
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