Car insurance prices skyrocket with drivers forced to pay 10 per cent of their salary to stay on roads
Drivers could be spending more than 10 per cent of their annual salary on car insurance
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Some drivers are spending more than 10 per cent of their annual salary on car insurance as Britons struggle to deal with the spiralling cost of motoring.
New research has found that the average cost of car insurance for those between 18 and 21 years old is now a staggering £2,350, a 17 per cent (£335) rise over the last year.
In comparison to the average UK salary for this age group - £23,668 - drivers could be forking out a huge amount of their hard-earned wages.
Motorists aged between 22 and 29 are also being slapped with enormous insurance costs, with the average policy setting drivers back almost £1,500 - accounting for five per cent of the average UK salary for the same age group.
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Young drivers face the most expensive car insurance costs
PAThis follows an 11 per cent increase in car insurance costs compared to the same time last year, with prices being hiked by £151 on average.
Drivers could be spending around 10 per cent of their total annual salary on car insurance alone, before factoring in other motoring costs like fuel, tax and parking fees.
Some experts believe these high prices and the unaffordable limits drivers are expected to pay could force people off the road and lead to some younger drivers preventing from getting behind the wheel in the first place.
Drivers are unlikely to see their car insurance prices drop below £1,000 until they are 38 years old, according to the research from Confused.com.
The UK average for car insurance also remains high at £882. This follows a 14 per cent annual price increase, of more than £106 per year.
Commenting on the data, Rhydian Jones, car insurance expert at Confused.com, said: “Car insurance prices have been a huge burden for drivers for some time.
"And for many, they’re having to dedicate a significant chunk of their salary to run their vehicles. Insurance is one of the biggest challenges due to continued annual increases.
"But, the most worry could be for younger drivers. They are making some of the biggest financial sacrifices to accommodate these rising costs."
He highlighted how drivers should always shop around when looking to renew their motor insurance coverage as they could end up saving as much as £539.
Research from the insurance provider also found that two in five drivers think the prices are more expensive than ever, with one in three saying it's close.
This has directly resulted in 22 per cent of drivers saying that they are on the road less because of the overall cost of motoring. They are also demanding that insurers and the Government do something to address the rising prices.
Motorists have also been encouraged to be truthful when looking to renew their insurance, especially with their mileage and personal details as this can help keep prices slightly lower.
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Drivers are being urged to compare their insurance costs
PEXELSJones added: "But my biggest piece of advice is to never accept your insurer’s renewal quote, without looking elsewhere first.
"That’s why price comparison sites are a great way to check whether you’re getting the best deal. We’re so sure of this that we offer to beat your renewal. And if we can’t, you’ll get the difference, plus £20."
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