Motorists and home-owners are facing drastically rising insurance prices
Posting on X, formerly known as Twitter, he warned that car insurance prices have risen by a "shocking" 41 per cent. Similar data from moneysavingexpert.com states that home insurance has risen by 26 per cent - both types of insurance are predicted to continue to increase in cost.
The expert's warning comes after complaints to the Financial Ombudsman Service were revealed to reach a five-year-high which the Association of British Insurers raised concerns over. Between April and June 2023, the FOS received 3,869 complaints about car and motorcycle insurance, alongside 1,776 building insurance cases.
“While the Financial Conduct Authority’s new consumer duty should help to make firms raise their game when it comes to providing adequate customer service, with easy-to-understand terms and conditions, insurers have been subject to higher standards for almost two years now.”
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