EDM 235: Cost of motor insurance

That this House expresses deep concern over the rising cost of motor insurance across the UK, including Northern Ireland and more rural constituencies like Lagan Valley, with premiums increasing by 25% on average between 2022 and 2023; further notes that those who pay monthly are subjected to excessive interest rates, with some insurers charging up to 40% APR, disproportionately impacting those unable to pay annually; recognises that this unfairly burdens low-income households, adding to their financial strain; calls on the Financial Conduct Authority to urgently publish an action plan to cap excessive interest rates for customers who pay monthly, provide greater transparency through regular analysis of insurance firm charges, and investigate the fairness of commissions earned by brokers; and urges the Government to work with insurers to ensure motor insurance is affordable and accessible for all, particularly vulnerable groups such as pensioners and low-income families.