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In a report recently published by the Association of British Insurers (ABI), the organisation’s Tracker revealed that the average price paid for car insurance has risen by 2% in the first quarter of this year to £478. The ABI’s Tracker uniquely focuses on the actual price consumers pay for their coverage, not merely the quoted price.
This rise in motor insurance prices can be attributed to cost increases surpassing inflation rates that insurers are currently facing. Despite these challenges, insurers are striving to provide competitive deals amidst continuous cost pressures.
Further details from the ABI’s Motor Insurance Premium Tracker include:
Following the introduction of the Financial Conduct Authority (FCA) rules on motor and home insurance pricing on 1 January 2022, renewing customers are ensured not to pay more than what is charged to a new customer for a comparable policy purchased via the same distribution channel, such as an insurer, broker, or price comparison website.
Chris Richards, Founder of Utility Saving Expert, commented: “At a time when households are grappling with escalating living costs, the last thing needed is an increase in motor insurance premiums. Motorists naturally seek the most advantageous insurance deals, and insurers are striving to maintain the competitiveness of motor insurance prices. However, insurers, like numerous other industries, are confronted with escalating costs. The prices of certain raw materials coupled with energy costs are surging, significantly exceeding average inflation rates, making it increasingly difficult to absorb these expenses.”
Nonetheless, these rules do not stipulate or limit the premium paid by new or existing customers. Insurance coverage prices will continue to be influenced by various factors, including claim settlement costs.
The soaring cost pressures persist in impacting premiums. ABI members have pointed to several factors contributing to these pressures:
UtilitySavingExpert.com compares prices across a wide variety of car insurance options, including breakdown cover and specialised products like motor trade insurance. Each year, they assist many households and businesses in discovering more cost-effective insurance solutions, collaborating with more than 400 insurance brands spanning 60 different products. Their service comes highly recommended with an ‘Excellent’ rating on Trustpilot.
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News from Wales