The average price paid for motor insurance from July to September 2023 was £561, according to the ABI - the highest level since its records started in 2012
The 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 .
READ MORE: Martin Lewis car insurance advice for how customers can get better deals as prices skyrocketThe ABI is urging for a reduction in IPT in Chancellor Jeremy Hunt's autumn statement later this month.
The 29 per cent increase is much higher than the general rate of inflation. The Consumer Prices Index rose by 6.7 per cent in the 12 months to September 2023, according to Office for National Statistics figures. "Insurers continue to do all they can to keep motor insurance as competitively priced as possible, despite facing substantial increases in costs outside of their control."
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