UK car insurance premiums surged 58% to a record high of just under £1,000 last year, blamed on the soaring costs of claims and car part prices.
Research by WTW and Confused showed motorists in the country pay on average £995, up by £366 during the past 12 months.
The Confused Car Insurance Price Index found an average price rise of 8% (£71) in the last quarter of 2023, which suggests a slowdown in rises as premiums leapt by 19% in the third quarter and 18% in the second, when the year-on-year increase was also 58%.
In 2022, car insurance premiums increased 19%, according to the index.
The highest premiums and the biggest increases were quoted for recently qualified 17-year-olds, around £2,877 on average, the data showed, a 98% year-on-year increase for a group viewed as the highest risk.