Insurers Warn Of Rising Costs For New Motor Policies

By Dawood Fakhir (May 5, 2022, 6:39 PM BST) -- Average premiums for new motor insurance policies increased in the first quarter of 2022 because of changes made by the finance watchdog to the rules governing the pricing of new policies and renewals, an insurance body said Thursday.

But the Association of British Insurers' latest Motor Insurance Premium Tracker also revealed that the average price paid for comprehensive motor insurance in the first quarter of 2022 was £416 ($513), a 5% drop compared with the first quarter of 2021.

The average premium paid in the first quarter was £105 higher for a new policy than for renewals, the ABI said. The average for new...

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