The average price for car insurance has jumped by 29 per cent - or £125 annually - in the third quarter of this year, reaching a record high, according to data from the Association of British Insurers (ABI).
The typical cost for car insurance from July to September 2023 was £561, the highest level since ABI started keeping records in 2012.
In the same period last year, the average price was £436. The ABI attributes the increase to rising labour and material costs.
It also calculated that around £60 of the average premium is due to insurance premium tax (IPT), a tax on insurers which is usually passed on to customers through the cost of premiums. READ MORE: Martin Lewis car insurance advice for how customers can get better deals as prices skyrocket Read more money stories from the Manchester Evening News here. The ABI is urging for a reduction in IPT in Chancellor Jeremy Hunt's autumn statement later this month.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.