Motor insurers pay out record £9.9billion in repair bills over the past year

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MOTOR insurers paid out a record £9.9billion in claims last year.

The total, the highest since the Association of British Insurers started collecting data in 2013, was up 18 per cent from £8.4billion in 2022.

Insurers paid out a staggering £9.9billion in repairs last year, a record amountAlamy

The number of claims settled, at 2.3 million, also rose by ten per cent.

And the bill for vehicle repairs, £6.1billion, was up 31 per cent due to the higher cost of materials, labour and utility bills.

Payouts for stolen vehicles and thefts from motors also hit a £669million high.

The average vehicle theft claim was £12,600.

Drivers’ premiums hit an average of £543, up 25 per cent.

Jonathan Fong, of the ABI, said: “Significant and sustained cost pressures faced by insurers, such as a 31% rise in repair costs over the last year, have impacted on the cost of cover.

“Despite this, insurers continue to do all they can to ensure competitively priced motor insurance.”

Earlier this year, a motoring expert revealed the top five cheapest cars to insure.

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