Motor insurance prices in the UK are set to continue rising this year and next, according to a new sector forecast, as concerns grow that people could be forced to cut back on what is a key financial safety net.
Consultancy Oxbow Partners said it expected the cost of motor insurance to rise 14 per cent overall this year, and 6 per cent in 2024, before flattening in 2025. Prices increased faster than expected in the first quarter.
Paul De’Ath, head of market intelligence…
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