UK car insurance prices have risen by a fifth over the past year and are now at their highest level since 2011, with insurers demanding higher premiums to cope with soaring l inflation in the cost of claims.
The average policy now stands at £657, according to first quarter figures from comparison site Confused.com, in partnership with insurance broker Willis Towers Watson. The index is based on ratings provided by insurers.
Young drivers are hit by particularly high increases, with 17-year-olds set to pay £446 more than a year earlier, bringing a typical annual policy for this cohort to £1,612.
“For drivers who have already purchased policies this year, the spike in costs might have come as a shock,” said Louise Thomas of Confused.com.
