Motor Insurance Premiums Soar 67.2%, Driving Up Costs for All Drivers

Sizzling Ride: Motor Insurance Premiums Sprint

Buggy news, fellow road warriors – average quotes for motor insurance have surged by a staggering 67.2%. If you’re counting the ticks on your calendar to dodge the next uptick, you might want to buckle up.

What the Numbers Really Say

In the three months leading up to November, quoted premiums climbed an extra 10.6%. That’s a slower drive than the blistering 22% rise seen up to August.
Despite the slowdown, the latest data shows motorists drifting between £500 and £749 for a full insurance quote.
Meanwhile, the Association of British Insurers (ABI) focuses on what you actually pay, and their numbers tell a different story: a 29% jump, ending up at a record high of £561 annually in the third quarter of 2023.

Why the Price Tag Is So Steep

Max Thompson, the “insurance whisperer” at Consumer Intelligence, says storms in the Scotland and East Midlands seam carried a toll on premiums. “Even in the last quarter, small telematics bumps bothered every age group,” he hints, but the overarching trend remains – “Large increases in quoted premiums across the board.”

What the Money‑Guru Says

Jenny Ross from Which? Money tags on the cost‑of‑living crunch. “Household budgets feel the squeeze, and with car insurance hitting a new high, drivers want no slack,” she points out. But don’t sit with your eyes closed on that neat quote – compare, bargain, switch, and you might save a few pennies.

Seven Quick‑Fix Tips to Keep Your Self‑Assessment (and Wallet) Happy

Shop Around – Don’t settle with the first provider. Use comparison sites to line up all the offers.
Check Competition – Telemetry gadgets coming cheaper? Keep an eye on the smart‑car trend.
Bundle Wisely – Pairing car insurance with other policies might drop costs.
Ask for Discounts – Anticipate a lasting driver or low‑speed bullet bonus.
Track Your Claim History – No claims or late claims? Highlight them for lower rates.
Consider Telematics – If you’re a cautious driver, the tech could slash the price.
Renew Smart – Never forget to review your policy before the renewal clock ticks.