Drivers have suffered another blow as car insurance prices ramp up, with some drivers expected to fork out almost a third more than they paid last year.
The latest motor insurance report found drivers are now paying two per cent more this quarter at £456, up from £447.
In total, prices have risen 23 per cent since last year with the average cost rising from £371 to a staggering £456.
Greater London is still the most expensive place to buy car insurance, with premiums priced at roughly £662 – 80 per cent more than average costs in Wales (£366).
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Drivers must have a minimum third part insurance to travel on UK roads
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Tom Banks, car insurance spokesperson at Go.Compare, said: “This quarter’s price increase may not be as dramatic as the rise we saw at the end of last year, but it will still be a concern for many motorists.
“Knowing the factors that can influence the cost of your car insurance premium and seeing if there are any small changes you can make, could save you a few pounds here and there – but it is imperative that you are still honest and accurate when getting a quote.”
The comparison site detailed how third-party fire and theft insurance is the cheapest type of cover motorists can buy, costing an average of £449 annually.
However, this only offers “the most basic level of cover”. Third-party insurance, the legal minimum drivers must have to travel on UK roads, costs 33 per cent more at £599.
Third party insurance covers damagecaused to someone else’s vehicle in the case of an accident, but it does not give the owner of the insurance policy any protection for their own car.
Banks added: “When offering you quotes, insurers take a whole host of information into account to assess your level of risk and work out the cost of your premium.
“Some of these things might seem obvious, such as your annual mileage and your age, but insurers also consider where you live and the make and model of your car.”
Reports from Go.Compare found that motorists who drove more than 6,000 miles a year paid £447, £54 less than drivers who travelled 10,000 miles a year (£501).
Banks explained that the pricing difference is due to insurers viewing drivers who are on the road more, “as more likely to have an accident”.
“That’s why it’s important to be as accurate as you can when getting a car insurance quote, from declarations such as where the car is parked overnight to how much you estimate you’ll drive over a year,” he urged.
In a bid to save drivers money on their premiums, the comparison site stated that wording in a policy needs to be accurate.
The difference in job descriptions can also impact prices. For example, someone who is a bricklayer may pay a different price to a teacher.
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Car insurance prices have jumped by nearly a third since 2023
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“Make sure you are being honest about your occupation when getting a quote though as being dishonest could invalidate your policy,” the site warned.
Banks commented: “We recently revealed that buying your car insurance 26 days before your renewal is due is one way to save, but our research shows that 98 per cent of people miss this window of opportunity and could end up paying 55 per cent more as a result.
“Paying for your premium annually instead of monthly is another way you could lower the cost of your premium – when you pay monthly insurers view it as a loan and therefore charge interest which drives the cost up.”
