- Significant Increase in Auto Insurance Premiums
- Steep Premium Hikes for Drivers Under 24
- Average Insurance Costs for Different Age Groups
According to new research from the price comparison website Compare the Market, vehicle insurance premiums are on the rise significantly.
The average annual premium has risen to £743, an increase of £208, or 39%, from the previous year.
The research also indicates that drivers under the age of 24 encounter the steepest increases. Their average premium is now $1,640, an increase of $510, or 45 percent, over the past year.
The average insurance cost for drivers aged 65 to 79 is £343. This still represents an increase of up to £89 annually for this age group.
A portion of the increase is attributed to “repair cost inflation,” which is partially responsible for the 14% increase in claims.
Anna McEntee, director of Compare the Market, stated, ‘It’s more essential than ever to shop around and compare prices to ensure you’re getting a good deal.’
Last opportunity to attend British Motor Show
Today and tomorrow are the final days for car enthusiasts and families to visit the British Motor Show this summer.
The four-day event, which began on Thursday in Farnborough, Surrey, will feature stunt shows and live arena displays, test drives, supercar experiences, rides for children and adults, and hundreds of new, classic, modified, motorsport, and supercars.
Tim Shaw and Fuzz Townshend of ‘Car S.O.S. host visitors from television and motorsport, including ‘Wheeler Dealer’s’ Mike Brewer, on the Live Stage.
The IMI Tech Hub (from the Institute of the Motor Industry) includes a replica garage service bay with petrol and electric vehicles, as well as seminars on the most recent automotive technology.
