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According to the Association of British Insurers, motor insurance rates have reached unprecedented heights after having made a leap five times as high as that of inflation. Rising taxes levied on insurance premiums, the increase of repair costs and accidents are behind this peak.
The average cost of a motor insurance premium amounted to 462 GBP (568 USD) by December 31, 2016. During the fourth quarter of the past year only, this increase was of 4.9% compared to 9.3% throughout the year.
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