Car insurance rockets in just 12 months
Cash-strapped drivers are being given top tips on how to save money amid rocketing insurance prices after new research showed average car insurance costs are up 25 per cent in the past 12 months. 1
According to a recent survey by price comparison specialists Quotezone.co.uk, 61 per cent of people said their car insurance policy is more expensive even though their circumstances remain the same, with nearly a third considering quitting driving due to costs.
The most recent figures show the average car insurance policy in 2023 was up £109 on the previous year, making the average premium £543.*
But drivers can still find vital savings. The key is to compare different providers, never let a policy automatically renew and check prices approximately three weeks before the coverage ends – that’s often when it’s most competitive. Drivers need to strike a good balance between cost and coverage, ensuring the policy has all the essentials they need at a competitive price.
Improving vehicle security, building up the no-claims bonus and being mindful of where the car is kept overnight can also be a big help in keeping costs down.
Quotezone.co.uk founder and CEO Greg Wilson said: ‘It’s worrying to see just how quickly car insurance premiums are climbing. The soaring cost of repairs, materials, paint and even hire cars are all pushing premiums up.
‘The spike in the volume of claims is not helping either, partly due to the extreme weather we’ve witnessed over the past 12 months, damaging roads and creating a surge in smaller claims as people struggle to afford to pay for minor repairs themselves.
‘Often there’s very little difference in price between third party insurance cover and fully comprehensive – in fact, sometimes comprehensive policies are cheaper, so if possible, drivers should go fully comprehensive to help safeguard their finances.’
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