The average price that motorists are paying for their motor insurance continues to remain at a four year low according to the ABI’s latest Motor Insurance Premium Tracker, published today. The ABI’s Tracker is the only survey that 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 the third quarter of 2020 was £460 – the lowest level in four years. The figure remains unchanged from the previous quarter and is £8 lower than in the same quarter last year.
And, in a further boost for motorists, with the current three tier approach to lockdowns likely to mean changing driving habits , ABI members have recently extended their extra Covid support to the UK’s 27 million private motorists till the end of the year. If you have to drive to and from your workplace because of the impact of Covid-19, or if you are an NHS volunteer responder your insurance policy will not be affected. You do not need to contact your insurer to update your documents or extend your cover.
Laura Hughes, ABI’s Manager, General Insurance, said:
“While lockdown restrictions eased and road traffic rose during the period, our latest premium tracker shows that motorists continued to benefit from fewer road crashes, and a very competitive market. However, continued cost pressures, including rising repair bills and the delay in introducing personal injury reforms, mean that motorists should continue to shop around to ensure they’re getting the best deal for their needs.”
About the motor insurance pledges of extra support:
If you have to drive to and from your workplace because of the impact of Covid-19, your insurance policy will not be affected. You do not need to contact your insurer to update your documents or extend your cover.
Also, if you are using your own car for voluntary purposes to transport medicines or groceries to support others who are impacted by Covid-19, your cover will not be affected. You do not need to contact your insurer to update your documents or extend your cover. This applies to all categories of NHS Volunteer Responders, including transporting patients, equipment, or other essential supplies.
The temporary pledges remain under review; the next review of home and motor insurance will take place in advance of 31 December. If policyholders have less temporary changes in their driving patterns that will continue into the next 12 months and are renewing their insurance policy, they should discuss these changes with their insurer.”