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Why is Car Insurance so expensive in 2024?
Numerous factors contribute to the recent surge in car insurance prices. Firstly, the increase in the number of vehicles on the roads post-pandemic has led to a rise in accidents, subsequently resulting in more claims for insurers. This surge in claims has added to the overall costs incurred by insurance providers.
Additionally, the costs of parts and labor have experienced an uptick due to inflation. As a result, insurers face higher expenses in repairing or replacing vehicles. The complexity of car repairs has also escalated, given the prevalence of sophisticated technology and equipment in modern vehicles.
The current average cost of a Car Insurance policy in the UK in 2024 stands at £995.
However, it remains prudent to explore other options. Recent data indicates that among individuals who renewed their policies in the last three months, 75% witnessed an average premium increase of over £87. Remarkably, these same drivers managed to save approximately £96, on average, by utilising price comparison sites.
Therefore, even if your policy renewal isn’t substantially higher than expected or only slightly less than the previous year, there is still potential for significant savings.
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