Experts are calling on drivers to shop around before they renew their car insurance policies, or they could miss out on massive savings.
Car insurance prices have been spiralling for months causing drivers to fork out hundreds of pounds extra and some having the misfortune of having to pay four figures.
According to MoneySuperMarket, the average annual cost for fully comprehensive would set drivers back £651, while third-party, fire and theft cover will cost £972 on average.
Younger drivers are being hammered the most, with average annual prices for those between 17 and 19 years old shelling out £1,268.54.
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Experts are calling on drivers to shop around before they agree to a renewal
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There have been some instances of drivers being quoted for policies, costing as much as £3,000 or £4,000.
Some younger drivers have even been resorting to unofficial ways of finding insurance, heightening the risk of being a victim of fraud.
Sara Newell, commercial director of insurance at MoneySuperMarket, has urged people to only use trusted insurers and work with quotes that suit them and do not seem too good to be true.
All 163 insurers on MoneySuperMarket’s platform are authorised and regulated by the Financial Conduct Authority, giving drivers additional peace of mind.
The expert added: “The rising costs of repairing and replacing vehicles and an increase in energy prices has had a big impact on the cost of car insurance.
“Our purpose is to help households save money by making it as easy as possible to compare and find the right financial products for your needs.
“This aligns with Caura’s aim of taking the hassle out of car ownership, managing motoring admin in one place, and saving drivers money in the process.”
Data suggests that older drivers will not need to pay as much for their insurance thanks to their history behind the wheel with an average annual price for people between 50 and 64 costing £483.
Most experts have stated that car insurance prices will continue to rise as companies are forced to pay larger sums of money for repairs and putting higher costs on motorists.
The average price of a car insurance policy changes between companies, with some estimating that average costs could hit £1,000 this year.
Dr Sai Lakshmi, CEO and founder of Caura, commented on the new partnership with MoneySuperMarket, saying that it would help drivers with their finances.
He said: “The cost of motoring is huge. When you look at car ownership responsibilities as a whole, the largest cost, aside from buying a car, is normally car insurance… And that’s only going up.
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“With the average cost of car insurance increasing 29 per cent year-on-year in the third quarter of 2023, we wanted to offer our users an alternative, easier way to find the best deals on their car insurance, the Caura way.
“So, from today, users can open the app and with MoneySuperMarket’s tech, compare quotes from over 160 different insurance companies to find the best value deals.”