In the past 12 months, the average cost of comprehensive motor insurance has jumped by 58% according to the latest Confused.com Car Insurance Price Index in association with WTW. It found that UK motorists are now paying an average of £924 for their cover – the highest level recorded by the index, which launched in 2006.

Tim Rourke (pictured), UK head of P&C pricing, product, claims and underwriting at WTW, said: “Drivers are seeing their car insurance premiums soar by as much as 90% as insurers battle a dramatic increase in claims costs, pushed higher by rising repair costs and labour shortages. As poor economic conditions bite, we are seeing claims in vehicle theft increasing alongside a rise in fraudulent claims also to blame.”

Steve Dukes, CEO at Confused.com, added: "When we look at how prices are affecting drivers right now, insurers need to be doing more to keep prices affordable. Otherwise there’s a real risk that a large number of drivers could be priced off the road as motoring costs become unaffordable.”

Share Story: