Motorists in the UK have been hit with a steep rise in the cost of car insurance in the past year, and experts warn it could be about to get worse.
Data from the latest Confused.com Car Insurance Price Index has shown that in the past year, premiums have jumped by 8.1 per cent, with a 4.8 per cent spike in the last three months alone.
This means that the average driver in the UK is now paying as much as £629 a year for comprehensive car insurance, compared to the average price of £582 this time last year.
The data shows that this is the first time in nearly five years that drivers have seen such a dramatic increase, and with the government’s planned insurance tax hike in November, costs will only go up.
Steve Sanders, finance director at Confused.com, said: “Just like six years ago, we’re seeing substantial increases in prices for most UK motorists.
“And with the government’s increase in insurance premium tax, rising from 6% to 9.5% this November, we’re likely to see continued inflation in car insurance prices across the rest of 2015, and into 2016.”
Older drivers are those most affected by the rising costs, the research found, with motorists aged 68 seeing an annual increase of 15.3 per cent, bringing their premium up by an extra £59.
Motorists aged 60 are also among the worst hit, with an eight per cent price hike that sees premiums increase by £29 to an average cost of £393 for a years’ comprehensive cover.
Interestingly, younger drives have seen the smallest average rise, with premiums for 17-year old motorists rising by between 0.3 per cent and 2.9 per cent.
However, young drivers already pay the most for insurance, with the average 18-year old driver having to cough up as much as £1,934 for insurance as they’re seen as more likely to make a claim.
