Motorists hit again as car insurance cost soars by record 21 percent

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But she added: “We’re optimistic that prices will come down.

“New car prices are reducing, and hopefully the supply chains will open up.”

The Financial Conduct Authority’s General Insurance Pricing Practices rules introduced in January 2022, which ban insurers from offering different premiums to new and existing customers, have also had an impact.

Ian Hughes, the chief executive of Consumer Intelligence, said: “This is the largest yearly increase we have seen since we started tracking premiums in October 2013.”

Londoners have been the hardest hit on premiums, with drivers paying £1,419 on average a year.

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