Premium finance charges as high as 37% but dropping overall – report
Pearson Ham has found average premium finance costs for motor and home insurance fell over the last year but also revealed charges as high as 36.8%.
In September 2024 the average cost of paying motor insurance premium in monthly instalments was 10.7%, down from 11.9% in October 2023, according to the analysis.
Pearson Ham detailed home insurance costs were also lower as the market average was 8.3% in September 2024, a decrease from 10%.
Pearson Ham welcomes the FCA’s efforts to ensure transparency and urges insurers to continue refining their offerings to ensure consistency and fair value for consumers.
Premium finance charges for motor
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