The average price motorists are paying for motor insurance remains at a four year low according to the latest figures from ABI’s Motor Insurance Premium Tracker.
The average price paid for comprehensive motor insurance in the third quarter of 2020 was £460, the lowest level in four years. The figure has remained unchanged from the previous quarter, and is £8 lower than in the same quarter last year.
In what the institute called a “further boost” for motorists, lockdown will “likely” result in changing driving habits, and ABI members have recently extended extra Covid support to the 27 million private motorists in the UK until the end of the year.
ABI said: “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 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.”