The price of car insurance in the UK is at its highest on record, according to figures from Confused.com.

The price comparison website said that British drivers now pay £995 on average for their cover.

Data from the company shows that car insurance prices have increased by as much as £366, or 58 per cent, across a 12-month period.

Over the past three months alone, the price of car insurance has jumped by £71, or eight per cent.

Confused.com says that drivers in inner London have seen the biggest year-on-year increases over the past year, increasing by 59 per cent to £599.

This means the cost of car insurance in Inner London is now £1,607 on average.

For drivers in Outer London, prices are £1,291 on average, an increase of £483 or 60 per cent compared to this time last year.

Younger drivers aged 17 to 20 have seen some of the most significant price rises, with those in this age bracket likely to have seen prices rise by over £1,000 in a year.

For 17 year olds, this is a 98 per cent or £1,423 annual increase, bringing the average price of a policy to £2,877.

Meanwhile, a £1,447 or 84 per cent increase in prices for 18-year-olds means these drivers are now paying more than £3,000 for the first time on record.

“In the current climate we want to help drivers do all they can to make their insurance more affordable," said Louise Thomas, motor insurance expert, Confused.com. "But we know the key to this will be shopping around and seeing what the best price out there is.

"It’s a competitive industry and we’re confident that switching will result in savings."

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