Insurance premiums fall to two-year low
The average cost of motor insurance has fallen to its lowest level for two years – £466 – according to the ABI’s latest Motor Insurance Premium Tracker.
The figures reveal that the average price paid for motor insurance in the first quarter of the year was £466, the lowest quarterly figure since the first quarter of 2017, while tthe average premium fell by £15 on the previous quarter and was the largest quarter on quarter fall since 2013. This was the fourth consecutive quarter year- on-year premium decrease.
Mark Shepherd, ABI’s assistant director, head of general insurance policy, said, ‘The falling cost of motor insurance is great news for motorists after several years of rising premiums, which largely reflected the UK’s costly personal injury compensation system. As the industry promised, motorists are now beginning to see the benefits of the personal injury reforms recently enacted.
‘However, some cost pressures remain, with rising repair costs, and the Government needing to resist any temptation to further increase Insurance Premium Tax. So motorists should continue to make the most from a competitive market by shopping around for the best deal for their needs.’
