For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. It said insurers faced extra costs that were becoming “increasingly challenging to absorb”. We understand that other collections look at prices quoted and are currently working with the ONS to explore this further.” The ABI said it collected data “that looks at the price consumers pay for their cover for both new and renewed policies. “If a customer removes an add on or changes the excess on their policy the ABI treats this as a change in price, whereas the ONS treats this as a change in the quality of the insurance being offered,” they said. The ONS collects quotes while the ABI looks at the prices people actually pay.Īn ONS spokesperson said the most notable difference related to the way consumers cut costs by reducing add-ons and how that was treated by the ABI. The next instalment is likely to show a punchier rise, based on the ONS data however, the figures track different things. The average price paid for motor insurance in the first three months of 2023 was £478, which is 16% higher than in 2022, according to the Association of British Insurers (ABI) quarterly motor insurance premium tracker.
The big increases being reported by customers do not yet tally with the industry’s own figures.
She quit the insurer after finding a cheaper deal elsewhere.
One driver told the Guardian that when the renewal quote for her Saga over-50s car insurance arrived, the cost of the policy had jumped 77% to £2,044 even though “nothing has changed”. One reviewer said her renewal price was up 75% on 2022 for no apparent reason, adding: “How can any company justify that?” However, some drivers are reporting an even worse situation than the official data suggests, with customers of Direct Line and Saga shocked by the magnitude of price increases in their renewal documents for this year.Īngry Direct Line customers have taken to posting on the Trustpilot website to complain about increases ranging from about 50% to more than 75%.
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