Paris Hilton is gushing over life as a mom of two!
08.11.2023 - 19:29 / manchestereveningnews.co.uk
The average price for car insurance has jumped by 29 per cent - or £125 annually - in the third quarter of this year, reaching a record high, according to data from the Association of British Insurers (ABI).
The typical cost for car insurance from July to September 2023 was £561, the highest level since ABI started keeping records in 2012. In the same period last year, the average price was £436.
The ABI attributes the increase to rising labour and material costs. It also calculated that around £60 of the average premium is due to insurance premium tax (IPT), a tax on insurers which is usually passed on to customers through the cost of premiums.
READ MORE: Martin Lewis car insurance advice for how customers can get better deals as prices skyrocket
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The ABI is urging for a reduction in IPT in Chancellor Jeremy Hunt's autumn statement later this month. The association also pointed out delays in repair and supply chains, the rising cost of parts and materials, increasingly sophisticated car technology, and rising energy bills as factors adding to insurers' own cost pressures, which in turn affect the prices paid by customers for insurance premiums.
A shortage of skilled technicians is also pushing up claim costs further as repairs are delayed, the ABI said. For instance, insurers have reported that the cost of paint has increased by 16 per cent and spare part costs have risen by 11 per cent over the past year.
The ABI has analysed nearly 28 million policies sold over the past year. The study is based on actual prices paid, not just quotes.
The 29 per cent increase is much higher than the general rate of inflation. The Consumer Prices Index (CPI) rose by 6.7
Paris Hilton is gushing over life as a mom of two!
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David Tennant's wife, Georgia, has shared her emotional journey with cervical cancer, revealing that she even started planning her own funeral. The mum-of-five, who is married to the Doctor Who star, credits a simple smear test for saving her life as it caught her cancer early before it could spread. Georgia, 38, was diagnosed with the disease five years before NHS England pledged to eliminate it by 2040.
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David Letterman visited Manhattan’s Ed Sullivan Theater last night for the first time since he retired from CBS’ The Late Show eight years ago, chatting comfortably with his successor Stephen Colbert as if he’d never left.
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