ANOTHER household bill has risen piling pressure on families already battle soaring living costs.
Insurance for homes and cars has gone up by £88 on average, new research reveals.
The average cost of motor insurance is now £613, up from £532 last year, according to Compare the Market – £81 more expensive.
Meanwhile, home insurance is £7 higher than last year with the average bill now £159.
It comes as families tackle household bill rises of hundreds of pounds including energy, water and council tax.
The average cost for households in 2022 was £5,038 while in 2023 it has climbed to £5,785, the price comparison site found.
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The average annual council tax bill is £99 more from April, while millions of billpayers are losing the £66/£67 a month energy rebate handed out by the government over winter.
Meanwhile, broadband, TV and mobile phone bills are rising this month too.
Hélène Barnes, Compare the Market's cost of living expert, said: "Millions of households will be worried about shocking increases in recent bills, with many seeing the cost of their energy bills and car insurance increasing faster than inflation.
"This will put further pressure on households that are already struggling with the rising cost of food and housing.
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"During this difficult time, people must take the time to look for savings, so they don’t pay more than they need to."
Inflation is currently at 10.4% but the average rise in car insurance premiums is higher at 15%.
Meanwhile home insurance is rising at just 5% bringing some relief for households.
If your insurance is on the rise, there are ways to save though – check out our tips below.
How can I slash my home and motor insurance cost?
While it might feel like you're facing a barrage of bill rises, there are some ways to reduce costs.
When it comes to home and motor insurance, it's worth shopping around for the best deals on price comparison websites.
If you enter your personal details in and it comes back with a cheaper deal than what you are being offered, you can use that to haggle with your current provider.
You can do this by calling them and saying you've found a cheaper deal online and see what they say.
They might offer you an incentive to stay – at that point you can either accept the new offer or switch to a cheaper provider.
But bear in mind, they might be willing to let your business go.
You can also slash motor insurance by paying annually instead of monthly – this is usually cheaper.
Tweaking your job title, without lying, can save you some money too. This is because insurers see certain jobs as riskier than others.
If you've got the time, and budget, changing your car can slash motor insurance dramatically as well.
Again, this is because insurers associate certain vehicles, like sports cars, as riskier compared to run-of-the-mill cars.
If you're looking to save on home insurance, you've got some options.
Renewing about 21 days before you need the policy to start is your best bet for getting a cheap quote.
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Meanwhile, you can use free online calculators, like on moneysavingexpert.com, to figure out what level of cover you need and work out if you're spending too much unnecessarily.
Plus, you might be able to save combining your motor and home insurance into a joint policy.
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