And the average premium could be set to hit the £500 mark in 2015

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The price of car insurance has climbed 15% over the last three months to reach a two-year high, according to Moneysupermarket.

The average motor policy cost £456 at the end of November, compared to £396 at the end of August.

This is also higher than the previous high of £465 in December 2012 and makes the latest 15% increase in the price of a policy the steepest rise since premiums shot up 10% between January and April 2011.

Moneysupermarket insurance expert Kevin Pratt said: “Motorists have benefited from competitive pricing in the insurance market recently, but it looks like low costs are a thing of the past, as motoring cover has been steadily creeping up since August. Premiums are 10% higher compared with this time last year, and are increasing rapidly – November saw an uplift of £25 from October.

“Although average premium prices aren’t at the record levels we saw in the first quarter of 2011, it is worrying that we have seen car insurance premium inflation running at a higher level that we saw then. However, according to our data, premium prices do rise towards the end of the year but if this inflation continues, we could see average premiums break the £500 mark in 2015.”

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