The average price paid for motor insurance jumped by 16% annually in the first quarter of this year, as rising costs have become increasingly challenging for insurers to absorb, according to the Association of British Insurers (ABI).Motorists typically paid 478 for private comprehensive cover in the first three months of 2023, which was a 2% increase compared with the previous quarter and the highest figure recorded since premiums cost 483 on average in the final quarter of 2019.
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