Motor premiums accelerate again with 21.1% annual increase
The average cost of car insurance soared by a record 21.1% in the year to February, taking annual bills to £929, according to Consumer Intelligence.
Previously, research by aggregator Confused, in association with broker WTW, set an annual rise for 2022 at 19%.
In the latest update by Consumer Intelligence, chief executive Ian Hughes said the 21.1% jump was the largest yearly increase seen since it started tracking premiums in October 2013.
“During the last three months alone, premiums soared 6.7%,” he said. “That’s the second-largest quarterly increase we’ve ever witnessed.”
ShortageThe shortage of new and used cars pushed up the price
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