Car insurance costs skyrocketing in UK as inflation hits 43%
Analysis by the House of Commons Library found the motor insurance annual inflation rate grew to 43.1% in May 2023. In the same month, the figure stood at 2.6% in Germany, 0.4% in France and 0.0% in Spain. In both Belgium (-0.4%) and Ireland (-3.6%) the annual motor insurance inflation rate reduced in the same month. The analysis found that UK car insurance inflation has grown since January 2022. On average, the cost of car insurance is now £776, increasing by £119 (18%) in the past 3 months alone and is now the third highest household bill after council tax and energy bills. It comes amid continuing concern over the cost of petrol and rising prices for second-hand cars. READ MORE: Doug Marr: Buying a new car drives me round the bend The valuation of a used Hyundai Santa Fe climbed nine per cent in 2021 and another 20 per cent last year, with a Mini One rising by eight per cent and 20 per cent over the same period...