The most recent report from the Association of British Insurers (ABI) indicates that in the second quarter of 2022, premiums for automobile insurance saw a slight increase.
However, prices have not increased significantly compared to this time last year.
We provide insight into how the cost of auto insurance has changed and how to get the best deal when renewing.
Vehicle insurance payments ascend by £5
The most recent figures from the ABI show vehicle insurance payments arrived at the midpoint of £419 between April and June this year.
Costs expanded by 1.3% (£5) contrasted with the primary quarter of the year, yet were 2.6% (£11) lower than the year before.
Normal charges for new strategies rose by 3% to hit £500, while recharges expanded by 0.5% to reach £371.
- Find out more: how to get cheap car insurance
Has the loyalty penalty ban affected premiums?
The Financial Conduct Authority (FCA) outlawed insurers from charging more to current customers than to new ones in January.
The change was intended to make protection estimating more pleasant for faithful clients, yet it likewise implied that drivers who change their backup plans consistently to get a less expensive arrangement could confront greater expenses.
The ABI says it is still too soon to survey the full effect of the boycott, however, the decreased hole in costs between new strategies and recharges recommends a few drivers are getting a more ideal arrangement from their safety net provider.