Motorists will be disappointed to read that, according to the ABI’s Motor Insurance Premium Tracker, the premium paid to insure a private motor vehicle increased by 8% to an average of £470 per annum in the 4th quarter of 2022 when compared with the 3rd quarter of 2022. We are sure that you will agree this is a large rise in the space of a mere 3 months and something that motorists could well do without especially in the current financial climate.
Only last month we commented on the Confused.com Car Insurance Price Index that revealed an increase in average quoted premiums in the 4th quarter of 2022 when compared with the previous quarter so the information contained in the ABI’s tracker should not come as a surprise.
Apparently, insurance companies have been faced with increasing costs in 2022. For instance, the average cost of materials and paint rose by almost 16%. The average cost of a courtesy car to those carrying out car repairs rose by around 30%.
In view of the above increase, it is probably more important than on some other occasions to shop around for your cover to insure your motor vehicle. Whether you are a new driver who has perhaps recently passed their diving test and looking for car insurance for the first time or you have been driving for many years and your existing car insurance policy is shortly coming up for renewal why not shop around to try to obtain a competitive quotation.
It should not take long to do this especially if you decide to use the services of a price comparison website. You should hopefully only need to provide the required information once to then receive numerous quotations for motor insurance to peruse and compare at your leisure. Once you have decided whom to arrange cover with it should also be a quick and simple process.
