The great car insurance con: Premiums soar to record high as prices hiked 50% in a year

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Car insurance premiums have rocketed by almost 50 per cent over the past year, with millennials and older drivers hit hardest. According to Consumer Intelligence, those aged 25 to 39 and 65 and over have been hardest hit by car insurance rises, with average premiums jumping by more than 50 per cent. Those who used to shop around diligently to take advantage of low-price initial offers cannot now do so.” open image in gallery Premiums have soared by 50 per cent in the past year The Financial Conduct Authority said the growing cost of repairs had caused motor insurance prices to spike, but Tim Kelly, an insurance expert and owner of the website MotorClaimGuru.co.uk, said some insurers were hiking prices to increase profits after the Covid pandemic. View more Those aged 25 to 39 and 65 and over have been hit with the highest level of car insurance inflation, with average rises of 52 per cent and 50 per cent respectively.