'It's just too expensive' - Car insurance premiums at record highs.

Sources have been anonymised to protect their identity.

Car insurance is one of the biggest expenses when it comes to car ownership, however this year premiums have been the highest on record, according to compare.com

Photo Credit: Photo by Viktor Bystrov on Unsplash

Drivers in the West Midlands have seen their premiums rise to a new average of £1,139 a year. This is an annual increase of £442 compared to the average price last year.

After the COVID pandemic, there was an increase in claims due to there being more cars on the road. As a result, this has helped to drive up premiums for motorists. Alongside this, the increasing value of cars on the road has further increased premiums.

In a survey published to local Facebook groups, a driver from Birmingham revealed their insurance has increased by £600 when compared to their last quote. As a result of this, it has caused them to consider giving up driving altogether.

They said: "It is just too expensive at the moment."

For some drivers, while they have not had to consider giving up driving altogether, they have had to think about changing their current car due to the increased costs. A fellow motorist from Birmingham has seen their insurance quote increased by £500.

As a result of this increase, they have begun thinking about changing their car. They said: "My renewal jumped from £906 to over £1400... Shopping around on comparison sites and I got it down to £1195 with a higher excess.

"[My postcode] B10 has always been one of the highest since the crash for cash scams. Innocent motorists have to cough up for the scammers."

The B10 postcode was named as one of the worst postcodes in Birmingham for the scams. According to the Association of British Insurers (ABI), a crash for cash scam is: "Run by fraudsters who stage accidents, sometimes with innocent road users, to profit from fraudulent claims."

However, it is not just motorists that are being affected by these increases in their premiums. In a Freedom Of Information (FOI) submitted to West Midlands Police, it was revealed that when compared to the year 2018/19 their predicted insurance costs for 2023/24 is £405,000 more. This brings their budget to a total of £788,800 for 2023/24.

Mervyn Skeet, ABI Director of General Insurance Policy said: "Insurers continue to do all they can to keep motor insurance as competitively priced as possible, despite facing substantial increases in costs outside of their control.

"The government could help drivers with an immediate reduction in costs by reducing Insurance Premium Tax."

The survey also revealed that out of the eighteen responses, five people have considered changing their car due to the costs. In addition, there have been a further four people who have considered quitting driving altogether because of the increased costs of insurance.