| Link(s): | Quoted motor insurance premiums accelerate with record 61% increase (consumerintelligence.com) |
Context
Consumer Intelligence has published a web page, which illustrates that the average quoted price of car insurance rose by 61% in the year to August– the highest annual increase on record.
Key points to note
- Age differences in the past year – For the August 2023 quarter, telematics providers accounted for 41% of the most competitive quotes for people aged under 25 (compared to 53% in the previous quarter). People aged under 25 also saw a 66.7% rise in quoted premiums. The over-50s have seen the smallest increases in quoted premiums in the past 12 months at 56.3% compared with 61% for those aged 25 to 49 and 66.7% for the under-25s.
- Regional differences – In the past 12 months, average quoted premiums skyrocketed the most in London, the West Midlands, and the South East with increases of 69.5%, 64.4%, and 64.2%, respectively. By contrast, drivers in the North West experienced the lowest rises in quoted premiums, but still faced a 55% rise.
Next actions
None – for information and awareness.