Motor insurance price spikes

Motor insurance price spikes

The average price of comprehensive motor insurance spiked to its third highest level at the end of 2019 since the ABI started collecting data in 2012.

Its Motor Insurance Premium Tracker looks at the price consumers actually pay for their cover, rather than the price they are quoted.

The latest figures show that the average premium paid in the fourth quarter of 2019 was £484, a three per cent increase on the previous quarter.

Meanwhile, the average motor premium paid in 2019 was £471, the third highest annual figure on record.

Mark Shepherd, ABI's assistant director, head of general insurance policy, said: "Motor insurance may remain very competitive, but motorists still face being on the receiving end of the mounting cost pressures that insurers are facing.

"One obvious and much needed way to help motorists is for the government to reduce the IPT burden in its March Budget. This tax penalises drivers for simply complying with the law and having motor insurance, hitting hardest those facing higher premiums, such as younger drivers."

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