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2022 UK insurance industry watch covers the most important news stories, trends, research, opinion and developments for 2022.

If you are actively searching for a new cheap UK car insurance quote in 2022, and looking to SAVE money on your next policy then click through to the HomeApproved home page and you will find the relevant get a quote button at the top of the page.

The Rise of Electric Vehicles

Last year saw the biggest annual increase in number of registrations, with more than 175,000 electric vehicles registered showing a growth of 66% on 2019. Electric vehicle registrations continue to rise in absolute numbers, with 32,522 new registrations in November 2021 (21,726 BEVs and 10,796 PHEVs).

Types of Electric Vehicles
BEV. Battery Electric Vehicles, or BEVs. These are cars that are powered only from an electric battery.
PHEV. Plugin Hybrid Electric Vehicles, or PHEVs. These are cars that have both an electric battery and a combustion engine. …
Hybrid. Hybrid cars have an electric battery and a combustion engine.

Many industry observers believe we have already passed the tipping point where sales of electric vehicles (EVs) will very rapidly overwhelm petrol and diesel cars. It is certainly what the world’s big car makers think. Jaguar plans to sell only electric cars from 2025, Volvo from 2030 and recently British sportscar company Lotus said it would follow suit, selling only electric models from 2028.

And it isn’t just premium brands. General Motors says it will make only electric vehicles by 2035, Ford says all vehicles sold in Europe will be electric by 2030 and VW says 70% of its sales will be electric by 2030. Many governments around the world are setting targets to ban the sale of petrol and diesel vehicles gives impetus to the process. But what makes the end of the internal combustion engine inevitable is a technological revolution. And technological revolutions tend to happen very quickly.

Recently CARWOW published their list of the best electric cars for sale in 2022
The best electric cars are practical, have comfortable interiors and good levels of equipment. Electric vehicles are great fun to drive thanks to their immediate acceleration and the cars here have decent a decent range too:

1. Tesla Model 3
2. Porsche Taycan
3. Kia EV6
4. Peugeot e-208
5. Audi e-tron GT
6. Hyundai Ioniq 5
7. Kia e-Niro
8. Volkswagen ID.3
9. Ford Mustang Mach-E
10. Mercedes EQC

Electric Vehicle Insurance
Low quotes for your new UK Electric Vehicle Insurance policy. More and more people are opting for EVs, not only because they are considered environmentally friendly, but they can also help keep costs down as fuel prices creep up. 

Electric Car Insurance Comparison
Low quotes for your new Electric Car Insurance comparison policy. The potential future market for this type of policy in the UK is enormous. There are an increasing number of motor insurance policies specifically designed to cover this type of battery powered vehicle(s).

Electric Van Insurance Quote
Electric Van Insurance quotes that are sure to deliver a great policy, at an ultra competitive price. Policies will deliver the right level of driver and commercial EV cover for all types and size of business across the UK.

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Car insurance costs increase for first time since Autumn 2020

Following on from the changes to the UK insurance sector which came into force in January this year, we are seeing a definite spike in the cost of car insurance policies for many drivers. Latest figures suggest these reforms have led to a rapid acceleration in the price of car insurance premiums. The introduction of these reforms were specifically designed to stop the exploitation of repeat customers by leading insurers. The new rules were put in place to stop UK insurers charging higher prices to loyal customers who automatically renewed their premiums each year, with discounts only offered to new customers.

The Financial Conduct Authority (FCA), which implemented the changes, said the move could save loyal customers about £120 per year. However, the insurers have in the past always found ways to make up any loss of revenues by passing on increased rates to other categories of motorist – seemingly this is exactly what is now happening.

Leading comparison website ComparetheMarket says car insurance premiums have gone up £64 year-on-year for the first two weeks of January, with the average cost being £700 per year. However, there are still deals to be found, because not every insurer has been passing on increases, with the cheapest premium still hovering around £573. At the start of January, the cheapest premiums have only increased about £31.

Ursula Gibbs, director at ComparetheMarket, said: “Our research shows the cost of car insurance is rapidly accelerating in January. The average premium has jumped £64 year-on-year. The cheapest deals available are also becoming more expensive so drivers will need to be quick if they want to secure a great price. The savings available to customers looking to switch could reduce significantly as more insurers hike their prices.”

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