Motor insurance at four-year low
The average price that motorists are paying for their motor insurance is at a four-year low according to the ABI’s latest Motor Insurance Premium Tracker.
The ABI’s Tracker is the only survey that 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 the third quarter of 2020 was £460 – the lowest level in four years. The figure remains unchanged from the previous quarter and is £8 lower than in the same quarter last year.
Laura Hughes, ABI’s manager, general insurance, said: “While lockdown restrictions eased and road traffic rose during the period, our latest premium tracker shows that motorists continued to benefit from fewer road crashes, and a very competitive market. However, continued cost pressures, including rising repair bills and the delay in introducing personal injury reforms, mean that motorists should continue to shop around to ensure they’re getting the best deal for their needs.”
