The findings build on the credit information provider’s research from last year, which found a third (33%) of UK policyholders felt motor insurance has become the most expensive it has ever been. Recent analysis from Defaqto found that motor insurance prices have started rising again after two years of falls, while data from the ABI highlights factors such as the cost of repairs having also increased.

Just 13% of policyholders feel that the cost of insurance has stabilised or started to fall, according to CRIF’s data, while around a third (32%) say that motor cover still feels expensive.
Motor insurance is now the most widely held form of insurance among UK adults (59%), ahead of home (53%) and home contents insurance (51%). Yet 39% of UK policyholders say that insurance costs, combined with recent rises in fuel costs, are making driving unaffordable.

More than four in ten (43%) policyholders want insurers to do more to improve premiums, specifically increasing their affordability and consistency. Almost a third (31%) say that insurers need to be clearer and more transparent about pricing and terms, while a quarter (25%) say they would be willing to share more of their data with insurers if it unlocked more affordable premiums.

Sara Costantini, regional director for the UK and Ireland at CRIF, said: “With premium costs about to rise again, motorists are still feeling the pressure, to an extent that many are seriously concerned about having to claim on the cover they actually pay for. This is putting a major strain on the relationship between insurers and their customers, especially for a type of cover they cannot easily go without.

“This makes it all the more important that insurers rebuild confidence as part of efforts to get premium costs down. Smarter use of data and analytics can help achieve this, enabling insurers to price more accurately, identify financial stress earlier and give drivers the clearer, fairer motor insurance they are asking for.”