The cost of car insurance has fallen by almost £ 40 so far in 2021, down 7% from last year.
Motorists continue to benefit from fewer auto claims during Covid lockdowns.
The average price that motorists pay for their auto insurance continues to decline according to the ABI’s latest auto insurance premium tracker, released today. The ABI Tracker gives the most accurate picture of the price of auto insurance because it examines the price consumers pay for their coverage, rather than the price they are offered.
The average price paid for full car insurance in the third quarter of this year was £ 429, remaining at its lowest level in more than five years (since the first quarter of 2016). So far this year the average premium has dropped by almost £ 40.
The average premium paid in the third quarter decreased by 7% compared to the same quarter of 2020.
Laura Hughes, Director of General Insurance at ABI, said:
“Motorists continue to see the benefits of fewer claims made during pandemic lockdowns. While the next year will see significant changes in auto insurance pricing with the introduction of pricing reforms and continued cost pressures around repair costs, the market will remain competitive, so it will always pay off for them. motorists to seek the best deal for their needs. ”
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ABI – Association of British Insurers published this content on November 03, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 03 November 2021 12:41:09 AM UTC.