Britons driven off the road as car insurance surges by 46% | Personal Finance | Finance [Video]

The cost of car insurance has surged by 46 percent in a year adding £292 to the average annual cost.

The punishing increase has taken the average figure up to £892, according to figures from Compare the Market.

And the situation is even worse for young new drivers who could now be charged more than £2,000.

Insurers insist the rise is driven by increases in the cost of spare parts, energy and hiring specialist mechanics.

Young drivers, aged under 25, have seen the largest annual increase in the cost of car insurance.

There has been a month-on-month decline in the cost of car insurance since November 2023 when the price peaked at £951.

The typical premium for motorists in this age group has risen by £648 year-on-year to £2,057 in February, making getting behind the wheel unaffordable for many.

Motorists looking to cut down on costs due to these rises may have to consider shopping around for a cheaper deal …