Cost of motor insurance falls by nearly £40 so far in 2021, down 7% over the last year.
Motorists continue to benefit from fewer motor claims during Covid lockdowns.
The average price motorists are paying for their motor insurance continues to fall according to the ABI's latest Motor Insurance Premium Tracker, published today. The ABI's Tracker gives the most accurate picture of the price of motor insurance as it looks at the price consumers pay for their cover, rather than the price they are quoted.
The average price paid for comprehensive motor insurance in quarter 3 this year was £429, remaining at its lowest level in over five years (since Q1, 2016). So far this year, the average premium has fallen by nearly £40.
The average premium paid in quarter 3 fell by 7% on the same quarter, 2020.
Laura Hughes, ABI's Manager, General Insurance, said:
"Motorists continue to see the benefits of fewer claims made during the pandemic lockdowns. While next year will see some significant changes in how motor insurance is priced with the introduction of pricing reforms, and continued cost pressures around repair costs, the market will remain competitive, so it will still pay for motorists to shop around for the best deal for their needs."
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ABI - Association of British Insurers published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 00:41:09 UTC.