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Record rise in insurance premiums

Average motor premiums have gone up by £48 compared to this time last year, hitting a record high of £484 for the second quarter of 2017, according to the Association of British Insurers.

This is an 11% increase, making it the fastest year-on-year rise since records began five years ago.

The rapid increase follows the recent Government decision to drastically cut the personal injury Discount Rate. Insurance Premium Tax also went up from 10% to 12% on the 1st June.