Overview

• The average cost of car insurance in the UK has risen to £995, marking a 58% increase over the past year.
• The cost of buying a car has also significantly increased, with prices for a 10-year-old hatchback rising from £1,748 to £5,547 since 2013.
• The rising costs of driving, including insurance and petrol, are putting financial strain on British families, with a third of drivers saying they'll need to take on debts to keep driving.
• Young drivers are particularly affected, with insurance premiums for motorists aged between 17 and 20 doubling over the past 12 months.
• The rising costs are attributed to factors such as increased repair and replacement parts costs, global supply chain issues, and a shortage of labour.