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The car insurance market and rising premiums

The car insurance market remains a tough space for consumers trying to find the best cover for their vehicle. Premiums are increasing, and there are also a number of vehicle owners finding it difficult to find motor insurance in the first place.

The car insurance sector has had years of diminishing returns, and in 2023 is said to have recorded the highest loss in over a decade. These losses are being driven by rising claim costs which are having a more detrimental impact on insurers than anticipated. We’re therefore seeing premiums continuing to rise and underwriters being more selective. But what’s driving these rising claims costs? Let’s take a closer look.

Here we share our insights on the car insurance market and how a specialist broker like Howden can help:

If you’d like to talk to us about your car insurance, contact Michael Hillier at [email protected]