Car insurance renewal prices up by £70 in 2023
Wed, 19 Apr 2023
Motorists have seen their insurance quotes rise by an average of £68, even if they have not been involved in an accident in the last year. That's according to a recent survey by Uswitch Car Insurance.
Younger drivers aged 17-24 saw their quotes increase by £97 on average, while those over 55 saw an average rise of just £49.
Drivers that were in a crash but were not at fault saw their quotes increase by an average of £110. While drivers that were responsible saw much higher rises, averaging £155.
It also found that there has been a 77% increase in Statutory Off Road Notification (SORN) applications over the past year, claiming the cost of living crisis is forcing many drivers to reconsider the affordability of keeping their cars on the road.
Uswitch Car Insurance surveyed 2000 British motorists to understand their concerns during the cost-of-living crisis and the measures they have taken to reduce costs.
The results show that 53% of British motorists have concerns that the cost of living crisis will force them to adjust their driving habits. Of all motorists, 39% have considered giving up driving altogether due to the rising cost of fuel.
The average motorist is spending £4.12 more on fuel each week this year (£35.06) than last year (£30.94), translating to additional spending of £214.24 a year.
Drivers aged 35-44 are the most affected, with weekly fuel costs rising from £33.93 to £39.66, and 49% of them claiming that they are likely to give up driving due to fuel costs.
Insurance costs are also a concern for motorists. Around 25% of them have considered quitting driving due to the rising cost of insurance.
In fact, 15% of drivers have registered a vehicle as a SORN to save money on their car insurance. Despite rising concerns around the costs of insurance, just 33% of drivers surveyed said they had changed providers in the last year, potentially missing out on a more affordable plan.
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