ABI calls for IPT cut as motor insurance prices hit record high

cars

The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.

The result was an acceleration on the previous quarter, when the year-on-year rise stood at 21%. From July to September, the average price paid for motor insurance increased 9% compared to the second quarter of 2023.

Related Motor insurance prices at record high – ABI EY forecasts 8.5% premium income growth for UK insurers in 2023 Motor payouts hit record £2.5bn in Q2, says ABI

The tracker analyses almost 28m policies sold over the past 12 months, and is based on the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Sporting Sponsor: Verlingue

Insurance Age caught up with Neal Lumb, executive director of sales and marketing at Verlingue, to hear about the how the business sponsors a range of clubs and sports.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: