Record drop in motor insurance costs for Q1

According to the Association of British Insurers, there was a £32 drop in the average price of motor insurance in the first quarter of the 2021

The average cost of motor insurance in the UK experienced a record drop in the first quarter of 2021, according to statistics from the Association of British Insurers (ABI).

The trade body’s latest Motor Insurance Premium Tracker revealed that the average price paid for comprehensive motor insurance in the first quarter of this year was £436.

This figure was down £32 from Q4 in 2020, representing the biggest quarter on quarter drop since the ABI started collecting the data in 2012.

Laura Hughes, ABI’s manager for general insurance, said: “While the national lockdown during the period may have led to fewer road journeys, it is good to see that during the first quarter of the year motorists continued to get the best deals from a competitive motor insurance market.

“The next few months will see significant developments in the motor market, as we cautiously emerge from the pandemic, returning to more usual driving patterns, and with the introduction, at the end of May, of the official injury claims portal that will simplify the whiplash claims process, while ensuring proportionate compensation for genuine claimants.”

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