The average price paid for motor insurance will increase by 8% in the final months of 2022
The average price paid for motor insurance has jumped by 8% in the last three months of 2022, according to the Association of British Insurers (ABI).The typical premium paid for private motor insurance was £470, up by 8% in the previous quarter.The average premium was also 7% higher compared to the final quarter of 2021.Rising costs have added to upward pressures on insurance policies.The ABI said delays in finding parts, the increased cost of paint and the jump in energy prices are among the factors adding to vehicle repair costs.Courtesy car costs have increased, as have second hand car prices, the trade body said.The Financial Conduct Authority (FCA) introduced new rules on the pricing of motorbikes and home insurance from January 2022.The rules ensure that the price paid by renewing…