Record £11.7bn paid out on motor insurance claims
Motor insurers paid out a record £11.7bn in car insurance claims in 2024, with the average cost of cover met by drivers rising by £78 annually, according to data from the Association of British Insurers.
The body said rising theft and repair costs are continuing to have an impact on premiums. The average cost of motor cover across 2024 was £622 – 15pc higher than 2023.
There have, however, been signs of a downward trend to costs in recent months. The average price for cover in the final quarter of last year was 2pc, or £14, lower than at the start of the year.
The typical cost paid for cover in the final quarter of last year was £621, down from £635 in the first quarter of 2024.
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