Home Car insurance prices Auto insurance prices at their lowest in four years

Auto insurance prices at their lowest in four years

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The average price drivers pay for car insurance in the UK remains at its lowest level in four years, according to the Association of British Insurers (ABI).

The ABI’s findings – which are based on what drivers actually pay, rather than what they’re quoted – show that the average cost of full car insurance was £ 460 in the third quarter, which is the lowest level in four years.

The figure remains unchanged from the previous three months and is £ 8 lower than the same quarter last year.

“As lockout restrictions eased and road traffic increased over the period, our latest premium tracker shows motorists continued to benefit from fewer road accidents and a highly competitive market. “said Laura Hughes, general manager of insurance for the ABI.

“However, continued cost pressures, including rising repair bills and the delay in introducing personal injury reforms, mean motorists should continue shopping to make sure they are getting the best possible. offer for their needs. ”

It comes after research by Confused.com – based on pricing data compiled from nearly six million customer quotes per quarter – found that auto insurance prices fell 2% over the past year. last year.

And they could fall further after the Financial Conduct Authority (FCA) announced in September that it was seeking to ban insurers from increasing premiums for existing policyholders, known as “price walking”.

Louise O’Shea, CEO of Confused.com, said: “It has been an eventful time for the auto insurance world and it is likely that it will remain so for quite some time as insurers try to adjust. dramatic and constant changes in driver behavior. not to mention how they navigate the much-needed changes FCA announced last month.

“The FCA is making proposals that should make switching even easier by streamlining the auto-renewal cancellation process, so we might see people taking advantage as they become more and more price sensitive.”

Image credit: iStock

Author: Chris Seekings


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