Drivers warned over 'record' £125 increase in car insurance
manchestereveningnews.co.ukThe average price for car insurance has jumped by 29 per cent - or £125 annually - in the third quarter of this year, reaching a record high, according to data from the Association of British Insurers (ABI).
The typical cost for car insurance from July to September 2023 was £561, the highest level since ABI started keeping records in 2012.
In the same period last year, the average price was £436. The ABI attributes the increase to rising labour and material costs.
It also calculated that around £60 of the average premium is due to insurance premium tax (IPT), a tax on insurers which is usually passed on to customers through the cost of premiums. READ MORE: Martin Lewis car insurance advice for how customers can get better deals as prices skyrocket Read more money stories from the Manchester Evening News here. The ABI is urging for a reduction in IPT in Chancellor Jeremy Hunt's autumn statement later this month.
Read more on manchestereveningnews.co.uk
