The rising cost of motor insurance
- Lion-Insurance
- Feb 5, 2024
- 1 min read
The Association of British Insurers (ABI) have released figures which show the average price paid for motor insurance has continued to rise. Costs are up 12% on the previous quarter (Q4 vs Q3 2023), driven by record increases in the cost to insurers to pay claims. This means motor cover was 25% more expensive on average across the whole of 2023 than in 2022.
Insurance Premium Tax (12%) currently adds £67 to the average motor premium.
Prices changes quarter to quarter.
o 2022 Q1 > 2023 Q1: 15%
o 2022 Q2 > 2023 Q2: 21%
o 2022 Q3 > 2023 Q3: 29%
o 2022 Q4 > 2023 Q4: 34%
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Source: Go compare , ABI
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