Cars: Insurance

(asked on 2nd September 2016) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make an estimate of the average car insurance premiums paid by (a) existing customers and (b) new customers in each of the last five years.


Answered by
 Portrait
Simon Kirby
This question was answered on 7th September 2016

The Government does not hold information on average annual household and motor insurance premiums. There are a range of estimates of the cost of insurance published by industry, including the Association of British Insurers (ABI), the AA and Confused.com. The ABI’s data is available at: https://www.abi.org.uk/News/Industry-data-updates.

The Government encourages consumers to shop around for the most suitable cover at the best price. To this end, the Financial Conduct Authority (FCA) recently published rules and guidance requiring insurers to disclose the previous year’s premium on renewal notices for general insurance products including motor and home insurance. The measures also require insurers to identify consumers who will be renewing with them for the fourth consecutive time and give them a prescribed shopping around message. The rules will come into force in April 2017.

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