Wakefield motorists concerned over eye-watering car insurance renewals as premiums shoot up

On average, car insurance now costs £776 a year, £222 more compared to last year and the highest on record, according to insurance comparison website, Confused.com.

There are many reasons why car insurance has gone through the roof, including inflation, the rising cost of wages, energy, and raw materials for repairs.

The cost of purchasing second-hand cars, which are often used as courtesy cars, has also increased by 30 per cent, according to the car purchasing website, Autotrader. This is largely due to a continued shortage of new cars following production disruption during the Covid-19 pandemic.

One Wakefield motorist – who wishes to remain anonymous – has said his car insurance has almost doubled despite “nothing changing” and having 13 years worth of no claims.

He said: “I am worried about the cost of car insurance and how much it will keep rising.

“I saw no benefits in remaining with the same company, with them offering very little discounts. Last year, I paid approximately £640, and previous to that I paid around £400 to £500. This year’s renewal came around at £1,000.

“I shopped around and looked at every single individual website and comparison sites and the cheapest I was getting offered was still in the region of 900 odd pounds, and the most expensive was about £200 to £3,000.

"Never mind that I’ve got over 13 years no claims and a clean driving licence.“The only other cheap option was around £800, but that was a black box deal which is not fit for purpose for an adult of my age who works with various shift patterns with the emergency services.

"The last couple of months have been very tight for money but I need my car. I am the main carer in my family and I need it for work. In the next few months I will have to tighten my belt further.”

While fuel prices have dropped back from 2022’s record highs, the latest numbers from the Office for National Statistics (ONS) has showed that the price of car insurance is up 43.1 per cent in the last 12 months. Although, some experts suggest that the situation is worse than the official data suggests, and it is more like 70 per cent.

Louise Thomas, motor expert at Confused.com, said: "Car insurance has quickly become one of the biggest expenses for drivers. If prices continue at this rate then there’s no doubt drivers could be priced off the road, as they battle with other rising costs too.

"But what we do know is that many drivers were able to save some money when it came to renewal. And shopping around was the key to this. Even if prices were cheaper for them, the price they saw online was still significantly cheaper.

“Although this isn’t all drivers can do to save money. We always advise drivers to take a look at the details of their policy and make sure they’re accurate before committing to a price.

"Updating your mileage, or considering additional security could easily bring your price down.”