Car insurance premiums have risen 29 per cent in a year to a record average high of £561, heaping more pressure on struggling households.
Insurers say the rising cost of replacement parts and labour were behind the surge in annual insurance costs in the third quarter of 2023.
The average premium of £561 was a 9 per cent rise on the previous quarter and a 29 per cent increase on the same period of 2022, according to the Association of British Insurers trade body.
The ABI’s…
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