UK Car Insurance Costs Rise by 1% in 1st Quarter: ABI Study

The cost of car insurance in the UK rose by 1% in the first quarter, according to a study published on Monday, showing a slowdown in the rise in prices seen last year.

Data from the Association of British Insurers’ (ABI) Motor Insurance Regulator showed that insurers continued to absorb rising costs, with an 8% rise in the average claim amount it was paid to £4,800 (6 004.80 dollars) in the first quarter compared to the same period last year.

“We understand that car insurance costs put a strain on household finances. said in a statement.

Car insurance prices are up 23% in 2023 in Britain, compared to the previous year.

The ABI tracker analyzes nearly 28 million insurance policies sold each year and the compensation paid under those policies.

($1 = 0.7994 pounds)