Login
My Garage
New hero

Car insurance prices in the UK reach an all-time high

By Mathilda Bartholomew | January 17, 2024

Share

Why not leave a comment?

See all | Add a comment

The cost of insuring a car has climbed by an average of £338 in the last 12 months

Car insurance prices in the UK reach an all-time high

Analysis from Confused.com suggests that the average expense of car insurance in the UK has reached a new peak, approaching nearly £1,000, following a surge of 58 percent in premiums over the past year.

According to the Confused.com price index, which draws on more than six million quotes quarterly, the cost of insuring a car has climbed by an average of £338 in the last 12 months, reaching £924.

Exclusive data from Consumer Intelligence revealed in June that premiums had increased by 48 percent in the year, reaching their highest point since 2018, as many drivers either raised their policy excess or switched to third-party-only coverage in an effort to trim expenses.

Here's Regit's top tips to help reduce your insurance premium.

However, the most recent data indicates an even steeper rise, with premiums increasing by an average of 19 percent (£148) in the latest quarter alone. While price hikes were observed throughout the UK, inner London residents experienced the most severe impact, with a 61 percent (£567) increase, bringing average premiums in the capital to over £1,500.

Beyond London, drivers in Manchester, Merseyside, and the West Midlands faced some of the sharpest rises, paying over £1,100 on average for coverage. Age-based calculations reveal that 18-year-olds now face an average expense of £2,995, as their premiums surged by 89 percent in the past year, adding £1,414 to the average bill.

According to the index, drivers, on average, cannot find car insurance for less than £1,000 until the age of 38. Although prices dropped during the pandemic, they have risen as people resumed normal driving habits, and the values of both used cars and new electric vehicles increased, with the latter featuring more advanced technology, leading to higher repair costs exacerbated by supply chain issues.

Compare car insurance with Go Compare and get free £250 excess cover https://www.regit.cars/insurance

Related Articles

England’s most hated motorway revealed for 2025
England’s motorway satisfaction is dropping. Find out which roads rank lowest and what drivers are really saying.
Jul 11, 2025
Range Rover just got a bold new logo
Range Rover has a fresh new look. Here’s what’s changing, what’s staying, and why it matters as the brand goes electric.
Jul 10, 2025
The Rimac Nevera R just became the fastest electric car ever
Looking for the world’s fastest electric car? The Rimac Nevera R just hit 268 mph and crushed 24 records. Check out its jaw-dropping specs...
Jul 10, 2025
Emerging Electric Vehicle Brands: Essential Insights
If none of these names sounds familiar, well done: you’re precisely the kind of individual these brands are eager to attract
Jul 10, 2025