Home Business NewsBusinessAutomotive News Average quoted price of motor insurance has soared by 67.2%

Average quoted price of motor insurance has soared by 67.2%

by Amy Johnson LLB Finance Reporter
16th Jan 24 4:12 pm

According to data analytics company Consumer Intelligence the average quoted price for motor insurance has gone up by 67.2%.

The data shows that in the three months to November, quoted premiums climbed by 10.6%, slower than the 22% rise seen in the three months to August.

The complied research show that there is a slowdown, however the data in November shows that motorists are receiving quotes between £500 and £749.

The Association of British Insurers (ABI), who looks at prices paid instead of the quotes, the average has increased by 29% of £125 annually for insurance to a record high of £561 in the third quarter of 2023.

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Max Thompson, insurance insight manager at Consumer Intelligence said: “There is evidence that in certain areas such as Scotland and the East Midlands recent storms have had an impact on premiums.

“During the last quarter, small increases in telematics competitiveness were observed across all the age groups… However, motorists across all age groups and all over the country are seeing major increases in quoted premiums.”

Jenny Ross, Which? Money editor, said: “With household budgets under strain during the cost-of-living crisis and car insurance premiums at a record high, many drivers will understandably be feeling apprehensive about renewing their insurance.

“However, there are ways to find a more affordable deal. It’s important not to renew your policy without first checking if you could pay less.

“The price quoted by your insurer is not necessarily the best price you can get. Doing your research on comparison sites, haggling and switching are effective ways of bringing down premiums.”

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