Car insurance prices continue to spiral as British drivers struggle to get 'best deal' with costs of £4,480
Car insurance costs have fallen from their record high for most drivers
GETTY
The average cost of car insurance is now £882, more than £100 more than 12 months ago as drivers struggle to deal with expensive price hikes.
On average, drivers have seen prices rise by 14 per cent in a year, based on analysis of more than six million quotes per quarter.
While prices have fallen six per cent - or £59 - in the past three months from their highest-ever level, motorists are still paying more than they were at the same time last year.
Research also found that sticking with their car insurance provider and renewing could result in a steep increase in the price paid by motorists.
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Younger drivers are battling against the most expensive car insurance costs
PAMore than two in three drivers who renewed their car insurance between April and June received a more expensive price, with average costs showing a jump of £92 compared to the previous year.
However, of those who had a more expensive renewal cost, 37 per cent used a price comparison website to find cheaper policies saved an average of more than £80.
The data also highlighted how drivers are unlikely to see their car insurance costs dip below £1,000 until they turn 38, with younger drivers facing staggering costs.
Prices for 18-year-olds have skyrocketed to £2,960, rising 23 per cent in one year, with 17-year-olds seeing the largest price hike at 33 per cent - a £688 increase.
The most under-pressure drivers include males between 17 and 20 living in inner London, with average prices hitting £4,480. Female drivers in the same circumstances will pay £3,590.
Louise Thomas, car insurance expert at Confused.com, said costs had been a "huge burden" for motorists over the past few years.
She added: “And even though they are starting to drop, chances are you will still be paying more now than compared to last year.
"However, it’s clear that renewing with your current insurer isn’t going to get you the best deal either.
“Whether your car insurance has gone up or down, using a price comparison site to switch and save could result in a cheaper deal. In fact, data shows those who shop around with Confused.com could save as much as £539."
Two in five drivers reported that the price of their current car insurance policy is the most expensive as it has ever been, with a further one in three saying it's close to getting to that point.
The new Labour Government has promised to investigate high car insurance prices, by calling on the Competition and Markets Authority (CMA) and Financial Conduct Authority (FCA) to look at whether insurers are engaging in malicious practices.
This was identified as something that needs to be done by 28 per cent of drivers who said the Government needed to be stricter with insurers so that prices remain affordable.
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Experts have urged motorists to use price comparison websites to help them save
GETTYThomas added: "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 on this that we offer to beat your renewal. And if we can’t, you’ll get the difference, plus £20."
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