ILC ARTICLE

Motor premiums up a modest two per cent


Average motor insurance premiums have risen two per cent in the last year, according to the ABI’s latest Motor Insurance Premium Tracker.   

It found the average premium had risen slightly to £436 in the last 12 months.

However, the ABI said insurers were finding it increasingly difficult to keep premiums low in the face of rising costs. The average cost of repairing a vehicle jumped by 16% in the last year, while global supply chain issues have led to longer waiting times for parts and contributed to a 30% rise in the value of second hand cars.

Jonathan Fong, ABI’s Senior Policy Adviser, General Insurance, said, “Insurers recognise that these continue to be difficult times for many households dealing with the rising cost of living. Like many other sectors, motor insurers are facing sustained higher costs, which are becoming increasingly challenging to absorb. Despite this, they continue to do all they can to keep motor insurance as competitively priced as possible.”

EVENTS

Upcoming Event


Motor Claims News

ILC Breakfast News – Wednesday, 17 April 2024

ARC360 | Claims Essesntials | Claims Tech | Home | ILC News | MGA | Motor | New Generation

17-04-2024

SYNETIQ secures safety certifications

ILC News | Motor

16-04-2024

ILC Breakfast News – Wednesday, 10 April 2024

ARC360 | Claims Essesntials | Claims Tech | Home | ILC News | MGA | Motor | New Generation

10-04-2024

Insurer Partners

AGEAS
INSURE THE BOX

Industry Body Partners

Insights Partners

Motor Corporate Partners

ACTIVATE GROUP
BHR Assist Insurance Services
INNOVATION-GROUP
KENNEDYS
SYNETIQ