The average price paid for motor insurance jumped by 16% annually in the first quarter of this year, as rising costs have become increasingly challenging for insurers to absorb, according to the Association of British Insurers (ABI).
Motorists typically paid £478 for private comprehensive cover in the first three months of 2023, which was a 2% increase compared with the previous quarter and the highest figure recorded since premiums cost £483 on average in the final quarter of 2019.
