. The average price is up by just over a fifth (21%) or nearly £90, over the past year. Back in the second quarter of 2022, the average price paid for car insurance was £88 less, at £423. The ABI said insurers blame inflation and a massive rise in vehicle repair costs for higher premiums. The ABI analysis is taken from 28 million motor insurance policies sold over the past year. Mervyn Skeet, the ABI director of general insurance policy, said: "These continue to be tough times for many motorists and motor insurers alike. "With many families facing higher cost-of-living bills, no-one wants to see the cost of their motor insurance rise. Insurers remain determined to ensure that motor insurance remains as competitively priced as possible, but this has become increasingly challenging, given the continued rising costs that they are facing. "We would urge anyone concerned about being able to afford their insurance to speak to their motor insurer to see what options might be available. And despite cost pressures, it can still pay to shop around to get the policy that best meets your needs at the most competitive price." Car insurance is a legal requirement in the UK and has to be renewed yearly. The three main types are: third party, third party fire and theft, and fully comprehensive. When the time comes to look for other quotes, you should use a comparison website to check for prices - some of the most popular ones include Go Compare, Confused.com and Compare the Market. According to MoneySavingExpert.com, the best tim){kind=link}
The average premium paid for private comprehensive car insurance in the second quarter of 2023 was £511, according to new research from the Association of British Insurers
Drivers are paying more than £500 a year for car insurance as costs rocket to the highest levels since records started in 2012.
The average premium paid for private comprehensive motor insurance in the second quarter of 2023 was £511, according to the Association of British Insurers (ABI). The average price is up by just over a fifth (21%) or nearly £90, over the past year.
Back in the second quarter of 2022, the average price paid for car insurance was £88 less, at £423. The ABI said insurers blame inflation and a massive rise in vehicle repair costs for higher premiums.
The ABI analysis is taken from 28 million motor insurance policies sold over the past year. Mervyn Skeet, the ABI director of general insurance policy, said: “These continue to be tough times for many motorists and motor insurers alike.