Drivers paying 'more than ever' for car insurance with average prices soaring to £924 a year
Average car insurance premium increased by 19 per cent in just three months
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Drivers are being hammered with expensive car insurance prices again, with the latest data showing that the average cost has risen by £338 in the last year alone.
Since June and July, the price of car insurance has jumped £148, with average premiums now standing at a massive £924.
Motorists in London are being hit the hardest, with insurers charging an average of £1,503, making it the most expensive area in the UK.
People in Outer London are also being hammered by the capital’s prices, as costs soared by £446 in a year, averaging out at £1,187.
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Drivers in Manchester and Merseyside are being also seeing massive annual price rises of around £417, with an annual policy costing £1,154.
The West Midlands is another unlucky area where drivers in major cities like Birmingham and Coventry forking out more than £1,100.
Louise Thomas, motor expert at Confused.com car insurance, said the constantly rising prices were hard for drivers, but they could take some steps to try and cut costs slightly.
She added: “For another consecutive quarter, we’ve seen some of the highest inflation rates when it comes to car insurance.
“With prices up on average £148 (19 per cent) in just three months, and £338 (58 per cent) in 12 months, drivers are likely to be paying more than ever.
“So those who haven’t yet been affected should be wary of how pricing may affect them at their next renewal.”
As has always been the case, younger drivers experience higher costs, with the comparison of over six million quotes showing that the average price is over £2,000 a year.
Generally, drivers under the age of 38 are paying more than £1,000 for their cover on average, with prices only starting to fall for elderly motorists.
Louise Thomas continued, saying: “But there are deals around and drivers can still save money, even if they’ve noticed their renewal has gone up.
“And in a time of financial uncertainty, this can be really helpful if you’re needing to watch your money more closely than before.
“So if you’re due to renew, consider ways in which you can keep costs down.”
Some drivers have even seen their car insurance company refuse to renew the policy because of difficulties when paying out EV claims.
One motorist was refused a car insurance policy from John Lewis after they said they would no longer be offering cover for zero emission vehicles.
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Drivers around the UK are seeing hundreds of pounds added to their car insurance within months
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The underwriter for John Lewis has “temporarily paused” any new electric car policies while analysing the “risks and costs entailed”.