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Average motor insurance premium falls to five-year low 05/08/2021, 12:02 am
The average cost of motor insurance has fallen to a five-year low, according to the ABI (Rui Vieira/PA)
The average cost of motor insurance has fallen to a five-year low as coronavirus lockdowns have led to fewer claims, according to insurers.
Drivers are paying £430 on average for comprehensive cover – the lowest figure since the first quarter of 2016 – the Association of British Insurers (ABI) said.
The ABI’s tracker looks at the price people pay for cover rather than the price they are quoted.
The £430 average recorded in the second quarter of this year is £6 lower than the previous quarter and £30 (7%) lower than the same quarter in 2020.