motor insurance premiums at record highThe Association of British Insurers (ABI) has confirmed that average car insurance premiums in June hit a record high with the average motor insurance premium of £484 being some 11% higher than premiums for June 2016, the fastest one year increase ever recorded.

The information, from the ABI Motor Premium Tracker, is based upon actual paid premiums and not quotes and is the only published index of this data.

The ABI reports that the reasons for the record increase over the last 12 months is in great part due to the cut in the discount rate, Ogden and the increase in Insurance Premium tax of a further 2%, to 12%, from June 1st 2017.

The rapid increase in premiums has also prompted the ABI to public month by month premium data in support of industry calls for a more realistic review of the Discount Rate which now stands at the lowest in any advanced economy.

Average Car Insurance Premiums Q2 2017

 

 
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