Downhill drive continues with the average cost of motor insurance down 7% over the last year ABI
Cost of motor insurance falls by nearly £40 so far in 2021, down 7% over the last year.
Motorists continue to benefit from fewer motor claims during Covid lockdowns.
The average price motorists are paying for their motor insurance continues to fall according to the ABI’s latest Motor Insurance Premium Tracker, published today. The ABI’s Tracker gives the most accurate picture of the price of motor insurance as it 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 quarter 3 this year was £429, remaining at its lowest level in over five years (since Q1, 2016). So far this year, the average premium has fallen by nearly £40.
“Motorists continue to see the benefits of fewer claims made during the pandemic lockdowns. While next year will see some significant changes in how motor insurance is priced with the introduction of pricing reforms, and continued cost pressures around repair costs, the market will remain competitive, so it will still pay for motorists to shop around for the best deal for their needs.”
The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.  A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation. 