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Why has the price of car insurance gone up?

The price of a lot of things has gone up recently and car insurance premiums are no exception. According to ABI, the average car insurance premium in May 2023 was 15% higher than it was in 2022. The average premium for existing policyholders renewing their cover rose to £436 while the average price of new policies increased to £5452.

There are a lot of reasons why you may have seen an increase in your car insurance premiums, including:

Increased energy costs

Increased costs for replacement parts and repairs

Increased value of second-hand vehicles

Changes to your circumstances