Motorists are paying more than ever to insure their vehicles with the industry claiming inflation and a massive rise in vehicle repair costs are to blame.
An analysis of 28 million policies found the average premium in the three months to the end of June was £511, 21% higher than this time last year.
Some motorists have contacted the BBC citing quotes triple the previous year.
Some motorists have contacted the BBC citing quotes triple the previous year.
The industry paid out £2.4bn in all motor insurance claims – covering theft, vehicle repairs, and personal injury – in the first quarter of this year, up 14% from the same period last year, the organisation said.
The cost of vehicle repairs leapt by 33% over the year to £1.5bn, reflecting rising costs, including energy inflation, it added.
One insurer alone quoted a 40% rise in labour rates between June 2022 and January this year, with the cost of many replacement parts increasing by up to 21%, the ABI said.
For motorists renewing their cover, average policies rose by £36 on the previous quarter to £471, while the average premium for a new policy was up £21 to £566.
Motorists are paying more than ever to insure their vehicles with the industry claiming inflation and a massive rise in vehicle repair costs are to blame.
Some motorists have contacted the BBC citing quotes triple the previous year.
An analysis of 28 million policies found the average premium in the three months to the end of June was £511, 21% higher than this time last year.
The industry paid out £2.4bn in all motor insurance claims – covering theft, vehicle repairs, and personal injury – in the first quarter of this year, up 14% from the same period last year, the organisation said.
Some motorists have contacted the BBC citing quotes triple the previous year.
Some motorists have contacted the BBC citing quotes triple the previous year.
The industry paid out £2.4bn in all motor insurance claims – covering theft, vehicle repairs, and personal injury – in the first quarter of this year, up 14% from the same period last year, the organisation said.
The cost of vehicle repairs leapt by 33% over the year to £1.5bn, reflecting rising costs, including energy inflation, it added.
One insurer alone quoted a 40% rise in labour rates between June 2022 and January this year, with the cost of many replacement parts increasing by up to 21%, the ABI said.
For motorists renewing their cover, average policies rose by £36 on the previous quarter to £471, while the average premium for a new policy was up £21 to £566.
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