Motor insurers paid out a report quantity in claims final 12 months, in response to the Affiliation of British Insurers (ABI).

The £9.9 billion paid out in 2023 is the very best annual determine because the ABI began amassing information in 2013.

The full was up by 18% on the £8.4 billion paid in 2022.

The price of automobile repairs at £6.1 billion jumped by 31% in contrast with 2022.

This mirrored continued rising prices, with insurers reporting will increase for supplies, and labour, the ABI mentioned.

It added that garages additionally confronted rises of their vitality prices throughout 2023.

Payouts for automobile theft and thefts from automobiles additionally jumped, to £669 million.

This complete, and the common theft of a automobile declare of £12,600, have been each the very best on the ABI’s information.

The price of offering non permanent substitute automobiles, at £597 million, elevated by 35% in contrast with 2022.

This represented one other annual report since this information has been collected.

Greater prices have additionally impacted the value of canopy paid by motorists, with the common worth paid for motor insurance coverage in 2023 put at £543 by the ABI, 25% costlier than in 2022.

The ABI just lately revealed particulars of actions that might be taken to deal with motor insurance coverage prices.

These included making extra information out there for shoppers to grasp which automobiles are costlier to insure.

Jonathan Fong, the ABI’s supervisor, basic insurance coverage coverage, mentioned: “Vital and sustained value pressures confronted by insurers, corresponding to a 31% rise in restore prices during the last 12 months, have impacted on the price of cowl.

“Regardless of this, insurers proceed to do all they’ll to make sure competitively priced motor insurance coverage.”