Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Car insurance costs pushed up by paint and energy prices

by February 3, 2023
February 3, 2023
Car insurance costs pushed up by paint and energy prices

Rising paint prices and higher energy costs were among the reasons for a leap in the cost of motor insurance late last year, a trade body has said.

The average price paid for cover rose by 8% in the final three months of the year, compared with the previous quarter, the Association of British Insurers (ABI) said.

The typical premium of £470 was up 7% on the last three months of 2021.

Repair and courtesy car costs were factors in the increase, the ABI said.

The rise in the cost of paint and the jump in energy prices were among the factors that made vehicle repairs cost more, the trade body said.

Jonathan Fong, senior policy adviser of general insurance at the ABI, said: “Every motorist wants the best insurance deal, especially when coping with cost-of-living pressures, and insurers continue to do all they can to keep motor insurance as competitively priced as possible.

“Yet, like many other sectors, insurers continue to face higher costs, such as more expensive raw materials, which are becoming increasingly challenging to absorb.

“Anyone concerned about being able to continue paying their motor insurance premium should speak to their insurer about any alternative payment options that may be available.”

The price paid for renewing an existing motor insurance policy was typically £428, the ABI said, whereas the average price paid for a new deal was a record high of £531.

Rules introduced by the City regulator, the Financial Conduct Authority, in January are designed to ensure people who are loyal to the same insurer are not penalised for doing so.

The rules state that the price paid by renewing customers for motor and home insurance is no greater than the price charged to an equivalent new customer for the equivalent policy bought through the same distribution channel, such as via an insurer, broker or price comparison website.

Read more:
Car insurance costs pushed up by paint and energy prices

0
FacebookTwitterGoogle +Pinterest
previous post
Apple sales in biggest fall since 2019
next post
UK risks exodus of semiconductor firms without an industry strategy

You may also like

Surelock Homes Unlocks Victory as Best Small Business...

May 29, 2024

Amazon announces another 9,000 job cuts over fears...

March 21, 2023

Revolutionise your workplace with an efficient solution for...

August 29, 2023

Half of Brits would trust AI for legal...

June 9, 2025

Majority of UK SMEs are seeking ways to...

April 5, 2023

How Bojoko Expanded into the Bingo Vertical, An...

September 18, 2024

You’re not ‘working people’, Keir Starmer tells landlords...

October 25, 2024

Labour’s VAT on private school fees set to...

January 3, 2025

How SMEs Can Leverage Gamification Techniques to Enhance...

November 18, 2024

Almost three-quarters of Brits concerned about having enough...

October 12, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • UK payrolls see biggest drop since covid as wage growth slows and job market weakens

      June 10, 2025
    • Why AI and green tech are vital to SME growth in 2025

      June 10, 2025
    • Yes, it’s great to get PR coverage – until it’s locked behind a bloody paywall

      June 10, 2025
    • We have to act now to keep AI from becoming a far-left Trojan Horse

      June 10, 2025
    • SME lending delays slashed by 80% thanks to fintech-driven back-office reform

      June 10, 2025
    • UK defence innovation strategy opens new doors for SMEs in AI and autonomous tech

      June 10, 2025

    Categories

    • Business (8,173)
    • Investing (2,021)
    • Politics (15,580)
    • Stocks (3,138)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved