In Q2 2023, the average price paid for private comprehensive motor insurance was £511, up 7% on the previous quarter. This is 21% higher than the same quarter the previous year and the highest since the Association of British Insurers started it Motor Insurance Premium Tracker in 2012.

The ABI said the average price paid by motorists renewing their cover rose by £36 on the previous quarter to £471, while the average premium for a new policy was up £21 to £566.

Mervyn Skeet (pictured), director of general insurance policy at the ABI, said: “Insurers remain determined to ensure that motor insurance remains as competitively priced as possible, but this has become increasingly challenging, given the continued rising costs that they are facing.”

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