Car insurance prices up 4% in Q1
A 4% rise in average comprehensive car insurance premiums in the first quarter of the year has pushed the annual rate to a 2% increase, according to research by Confused and WTW.
Following a second consecutive quarter of price rises it is the first annual uplift in the Car Insurance Price Index since the autumn of 2020.
The pair put the average cost for UK motorists at £550 as they highlighted the increase came after the introduction of the Financial Conduct Authority’s ban on dual pricing which went live at the start of the year.
The findings echoed previous analysis by Consumer Intelligence which had found a 4.9% premium leap in January alone levelling out to a 4.3%
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