Car insurance premiums surge 58% in a year

cars

According to research by WTW and Confused, car insurance premiums have soared to a record high with a 58% rise in 2023.

UK motorists now pay on average £995, a £366 increase during the past 12 months. During 2022, comprehensive car insurance premiums increased for motorists by 19%.

The Confused Car Insurance Price Index found an average price rise of 8% (£71) in the last quarter of 2023. This suggests a slowdown in rises as premiums leapt by 19% in the third quarter, the highest jump since the index was launched in 2006.

Premiums have climbed for nine straight quarters. 

The index is based on price data collected

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

Whistleblowing to FCA slips back

The Financial Conduct Authority received 253 reports from whistleblowers between April and June, down on the same period of last year and the first quarter of 2024.

Interview: Tim Smyth, Bspoke

Bspoke Group CEO Tim Smyth tells Insurance Age about reaching profitability and expanding with brokers through organic growth, hires and new products as well as acquisitions.

Most read articles loading...

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: