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Car insurance up by a third in last three years

Patrick Christys
Jun 18, 2019


Do you feel like driving a car around keeps getting more expensive? Whether it's spiralling fuel prices or the cost of insurance, it seems like a constant drain on your wallet.

In fact, UK drivers paid a third more for their car insurance in 2018 than three years ago. 

Can you imagine if the price of household essentials, like bread and milk, rose by a third in three years? You shouldn't tolerate it when it comes to your car insurance either - always shop around for the best deals on A Spokesman Said.

But why have the prices been rising? Well, that would be down to your old friend...the government.

The figures show that changes to Insurance Premium Tax and the Personal Injury Discount Rate have added an extra £208 to the average cost of car insurance from 2015 to last year – around £7.8bn across the whole market.

Over the past three years, car owners are paying 33% more for their car insurance than they were previously, new data from comparethemarket.com has shown.

In 2015, the average car insurance policy was £551 a year. By contrast, motorists paid an average of £735 in 2018.

The costs took a toll on car owners, especially younger drivers who already face higher premiums.

Over half (56%) of young drivers agree that the cost of running a car is difficult for them. And 49% said that they received financial assistance from someone else to help with cost of running their car.

However, the government isn't all bad - its clamped down on false whiplash claims and, as a result, we could see premiums drop again soon.

Make sure you go to A Spokesman Said now and get the best deal for you.

 

When did you last switch your car insurance provider?

Last year 65% of customers didn't switch their car insurance to try and get a better deal.