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A healthy credit score has its benefits, so make sure you manage your debt correctly.
Before you start university, make sure to organise your finances.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
Despite losing customers, the company reported a 4% increase in profit compared to last year.
Motorists in the UK are paying more to insure their vehicles. This is according to the Association of British Insurers (ABI), which stated the current average premium for private comprehensive motor insurance rose to £511 in the three months to June 2023 – up 21% on the same period last year.
These rising average prices may go some way to explain why Admiral Group plc reported a loss of 380,000 motor insurance customers over the past year. However, despite losing customers, the UK insurer saw overall profits increase by 4% compared to this time last year, reaching £234 million before tax.
Like many, the insurance industry is also feeling the pressure of sustained high inflation. The ABI reported vehicle repair costs rose by 33% to £1.5 billion over the year since the first quarter of 2022, the highest figure since it started collecting data in 2013, as a result of energy inflation and more expensive repairs.
Furthermore, it specified that labour costs increased up to 40%, while the cost of replacement parts for many popular cars rose between 12% and 21% over the past year.
All of this amounts to the average price paid by those renewing their cover increasing by £36 on the previous quarter to £471. Meanwhile, the average premium for a new policy rose by £21 to £566.
Mervyn Skeet, the ABI’s Director of General Insurance Policy, recognised that these are “tough times for many motorists and motor insurers alike”.
“We would urge anyone concerned about being able to afford their insurance to speak to their motor insurer to see what options might be available. And despite cost pressures, it can still pay to shop around to get the policy that best meets your needs at the most competitive price,” Skeet added.
Compare some of the best policies using our dedicated car insurance chart.
Each year, our team of impartial experts review the car insurance products available in the UK and assign Moneyfacts Annual Star Ratings to standout policies.
Within its 2023 Half Year Results, published on 16 August 2023, Admiral Group plc said it expected continued increases to the price of its motor insurance throughout the rest of the year.
Whether the price of car insurance will keep rising on average, however, depends on whether the rate of inflation continues to fall. If you’re worried about the cost of your motor insurance, consider getting in touch with your insurer or looking for another policy that best meets your needs at a more competitive price.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Once you signed the dotted line on your life cover, you may have put the documents away and forgotten about them entirely. However, many life insurance policies carry additional benefits that could bring value to your life over the years to come.
Many life insurance policies carry additional benefits that could bring value to your life over the years to come.
Compared to October last year, there are now 173 more mortgage options on the market for holiday let borrowers.
Compared to October last year, there are now 173 more mortgage options on the market for holiday let borrowers.
UK drivers are putting their plans to switch to an electric vehicle (EV) on hold due to the cost of living crisis, according to the RAC. This year, the primary reason behind switching to an EV was due to its lower running costs.
UK drivers are putting their plans to switch to an electric vehicle (EV) on hold due to the cost of living crisis, according to the RAC.
Once you signed the dotted line on your life cover, you may have put the documents away and forgotten about them entirely. However, many life insurance policies carry additional benefits that could bring value to your life over the years to come.
Many life insurance policies carry additional benefits that could bring value to your life over the years to come.
Compared to October last year, there are now 173 more mortgage options on the market for holiday let borrowers.
Compared to October last year, there are now 173 more mortgage options on the market for holiday let borrowers.
UK drivers are putting their plans to switch to an electric vehicle (EV) on hold due to the cost of living crisis, according to the RAC. This year, the primary reason behind switching to an EV was due to its lower running costs.
UK drivers are putting their plans to switch to an electric vehicle (EV) on hold due to the cost of living crisis, according to the RAC.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.