Car Insurance Prices Have Risen By 7.6% In Just Three Months
New data has revealed that the average price of car insurance has risen by a depressing 7.6% in the last three months alone…
Car Insurance Prices Rise
The price of car insurance in the UK has shot up by an eye-watering 7.6% in the last three months alone; which is significantly above the rate of inflation. As of now, a typical policy costs £443 – having risen from £412 last autumn. Prices had dropped significantly at the start of 2021. However, they’ve progressively risen over the last three-quarters.
The price-hike varies between regions. Londoners, for instance, have been hit the hardest. They’re facing average prices of £616. Drivers in the North West and West Midlands will be paying £509 and £504 respectively. Conversely, drivers in the South West will be paying just £295 per policy. Younger drivers will be particularly hard-hit by the rising prices. Those aged between 21 – 24 face a staggering average fee of £857.
‘Shop Around’
Sara Newell, from MoneySupermarket, commented on the rising prices of car insurance. She said, “with figures for the last quarter showing the most unwelcome jump yet. If you’re a driver, it’s really important that you stay vigilant to price rises – particularly against the backdrop of price rises across lots of other household bills and consumer goods”. She added, “if you’re nearing the end of your policy, make sure you shop and around for a new deal to avoid losing out”.
Newell also explained that, whilst loyalty pricing had now been banned, it was still crucial to shop around. She said, “it’s important to recognise that these measures alone won’t save you money. The only guaranteed way of saving money on your car insurance is to shop around for a new deal. Doing so through Moneysupermarket could save you up to £264″.
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