2023 UK car insurance costs increased 20% due to higher payouts for theft, repairs, and personal injury.
Car insurance costs in the UK have surged by over 20% in the last year due to higher claim payouts for theft, repairs, replacement vehicles, and personal injury. Insurers paid £6.1bn for repairs in 2023, a 31% increase from 2022, with repair costs rising by 16% for materials and 15% for labour. Home insurance premiums are also climbing at double-digit rates. Factors driving insurance price increases include rising repair costs, increased storm damage, and higher claim payouts.
June 15, 2024
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