Typical car insurance premiums have jumped up - this is how much by

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Research from Compare The Market has found that drivers will face a substantial increase in premium car insurance prices.

Research from Compare the Market has revealed that drivers will be facing a 52% rise in car insurance prices. 

Compare the Market conducted Premium Drivers research, finding that there will be a significant increase in how much motorists will pay for their car insurance. 

The cost of the typical premium currently stands at £950, following a substantial rise of £326 over the past 12 months. 

High inflation rates have impacted the cost of the motor repair industry, which has led to the increase of car insurance prices, as well as the cost of claims for insurance. 

Young drivers will see the biggest increase in car insurance, jumping by £655 to £2,002. 

However, older drivers aged 65+ have also seen a rise of 57% on average in the past 12 months. 

Those who drive popular cars such as Ford, Volkswagen, Audi, Vauxhall and BMW have seen premiums rise by over £300 year-on-year between December 2022 to December 2023.

Compare The Market’s research found that 78% of drivers are worried about the rising cost of car insurance, while 31% will find it difficult to cover the cost. 

Their findings come on the back of a Censuswide poll of 2,021 drivers on behalf of Compare the Market, completed in November 2023.

Compare The Market has revealed that car insurance will increase.Compare The Market has revealed that car insurance will increase.
Compare The Market has revealed that car insurance will increase. | Giorgio Pulcini - stock.adobe.co

Julie Daniels, motor insurance expert at Compare the Market, said: “Many drivers will be worried about the substantial increase in the cost of their car insurance. Our research shows the typical premium now costs £950, with lots of younger motorists likely paying even more than this. 

“As household bills continue to rise, it’s so important for drivers to take a few minutes to compare prices from different providers when their car insurance is up for renewal. It’s quick and simple to look at what deals are available and could help you save hundreds of pounds.”

For further tips on how to save money on car insurance, visit: Compare the Market: Top tips on how to get cheaper car insurance

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