British households had witnessed higher costs for their motor insurance bills, which increased by 8% in the last three months of 2022, according to data from the Association of British Insurers (ABI).
The average premium paid for private insurance was 470 pounds, while some member companies said that each motor repair bill saw an increase by 72 pounds due to high energy costs.
The higher insurance costs will add more pressure on the cost of living to consumers in the country that has to deal with surging inflation. The United Kingdom’s official budget forecasters expected households to face a record-high of living standards in the next two years.
