Sunday, February 25, 2024
Finance

Record rise in car insurance premiums, says ABI

Motorists are being saddled with the fastest year-on-year rise in insurance premiums since records began five years ago, the industry has warned.

Average car insurance premiums have gone up by 11% in the past year, according to the Association of British Insurers (ABI). The typical bill for an annual policy is now £484, it said.

Earlier this month, the ABI said car insurance premiums hit a record high in 2016.

The news could put further pressure on the government to change its decision to reduce the so-called discount rate, which increased the size of insurance pay-outs.

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