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Dan Hutson, Head of Motor Insurance at Compare the Market said the low prices would be “welcome news” for many households.
However, he urged drivers to continue to “shop around” for the best deal at the end of their existing policy term.
He said: “With fewer cars on the road last year due to lockdowns, working from home and social distancing, premiums have fallen to their lowest level in years.
“This is welcome news for most households as budgets continue to be stretched.
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“However, these savings are usually only available to drivers who shop around for the best deal at the end of their policy, with our research showing the difference between the average premium and the cheapest premium to be £104.”