Motor insurance costs have increased exponentially over the last few years, with figures from the Association of British Insurers (ABI) showing motor premiums increase by 25% from 2022 to 2023. This hike has been driven by record rises in the cost for insurers with factors such as inflation, increased payouts, longer repair times, a rise in car thefts and, most significantly, increases in the cost of repairs all contributing to higher prices. Statistics show that repair costs are 28% higher than they were 12 months ago, with the total insurers paid out up 18%. As a result, insurers are spending more on claims and costs than they are collecting in premiums. With car insurance costs putting ever increasing pressure on UK households, what can be done to combat the rise and help consumers make informed decisions when it comes to their motor cover?

This event will:

• Examine what’s behind the post Covid rise in motor insurance.
• Consider how to better inform consumers how premiums are calculated and how they can reduce costs.
• Discuss what needs to happen for consumers to see their motor insurance premiums come down.