Average motor insurance premiums have increased by nearly £200 over the past five years, a website has found.
Between September and November 2012, the average motor insurance premium stood at £559, but premiums across the same three months in 2017 reached an average of £758 - a rise of £199.
Comparethemarket.com, which released the findings, said factors pushing car insurance costs upwards in recent years include a string of hikes to insurance premium tax (IPT).
Meanwhile, the gap between cheapest and average premiums widened to £129 in November - the biggest difference on the website's records going back to 2012.
Simon McCulloch, director at comparethemarket.com, said: "Over the past five years, we have seen non-stop cost pressures on British drivers."
The average price in the index refers to the average of the top five cheapest prices presented to a customer, where someone has clicked through to buy.
Comparethemarket.com said buying from the top five cheapest prices presented represents the majority of car insurance sales.
HOW TO KEEP YOUR CAR INSURANCE DOWN
- Compare it - Make a list of the comparison websites (the main ones are Money supermarket, Confused.com, Compare the market, Go Compare ) and work your way through them to find the cheapest offerings.
- Ring them - It is important to note that you won't find insurers like Direct Line, Aviva or Zurich on price comparison sites and they are three of the largest insurers. Get a quote online or ring them (you have a better chance at haggling on the latter).
- Add someone to your policy - Adding an additional driver to your policy – especially if they are an older, more experienced motorist – can bring the cost of cover right down. Just remember - don’t make them the main driver if that isn't true.
- Swap your job title - If your job fits in more than one category check the quotes for all of them before applying. For more on how your job affects your car insurance, check out GoCompare’s guide. If you’re a full time parent or retired make absolutely sure you check that box and not ‘unemployed’ as it could save you almost £300.
- Pay upfront - It'll cost you less if you can pay in one go - so where possible do it.
- Get money back on your policy - Top cash back is offering up to £40 cash back when you switch through them, while Quidco pays as much as £50. Compare prices and then visit one of these sites to buy. It'll be tonnes cheaper. Confused? See our guide on how cash back websites work.
- Never accept the renewal price offered by your existing insurer. It will almost certainly be way higher than what you could pay by shopping around – you could typically save £275.
- Start shopping around 60 days before renewal. Some insurers allow you to lock-in a quote up to 30 or even 60 days before you have to buy. Locking-in now means you won’t suffer from any increases in the pipeline.
- Get a fresh quote just before you renew. We’re always pushing insurers to lower their prices, so it’s worth checking before you commit to make sure you’re on the best deal.
Source : mirror.co.uk