13 April 2024

Remember to Compare Car Insurance Rates as Premiums Rise

When car and home insurance rates rise, it can make it more expensive than ever to own a car.

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When car and home insurance rates rise, it can make it more expensive than ever to own a car..**

The average car insurance premium in the UK is now £770 and for home insurance it is £394 for a detached house.

These figures make a big dent in household spending.

Car Insurance Rates for Young Drivers

Younger drivers continue to feel the brunt of the increases, as those who are aged between 17-22 years old have seen their premiums rise by a far larger percentage..

"The record rises in fuel costs coupled with spiralling car insurance premiums is disappointing news and is making driving unaffordable for many, especially cash-strapped young drivers,” said Simon Douglas, AA Insurance director.

"This is leading to more people withholding information when taking out a policy or exaggerating personal injury claims to try to reduce their costs.”

Their research shows young men are 10 times more likely to suffer a catastrophic crash than older drivers, and more than half of insurers refuse to insure teenage drivers, cutting the choice of insurance policies on the market.

Multi-car Insurance Rates

According to Swiftcover, UK households with more than one car could be paying 29 percent over the odds for their car insurance.

Their research shows 32 percent who own more than one car could be able to save money by opting out of multi-car rates.

Visit Money Maxim to compare car insurance rates