Drivers are being urged to keep looking for savings despite car insurance prices being at their lowest for four years.
The average cost of comprehensive cover in the third quarter of 2020 was £460 – the lowest amount since 2016. The figure remains unchanged from the previous quarter and is £8 lower than the amount paid during the same time period last year.
The figures provided by the Association of British Insurers’ (ABI) Motor Insurance Premium Tracker are based on the price motorists pay for their insurance rather than the price they are quoted. And now is the ideal time for policyholders to keep driving those costs down, according to specialist motor insurance broker Adrian Flux.
“Motorists who come across this news may now decide to accept the first quote they are given,” said a spokesperson for Adrian Flux who work with a panel of 30 different insurers.
“Yet there are still even better savings out there to be made. Nothing compares better than a broker and at Adrian Flux we have specialist staff who can provide you with a quote tailored to a driver’s individual needs that can maximise your savings. All it takes is one quick phone call.
“Churned out computer rates can often be more expensive if details are inputted incorrectly. They also operate via a generic one-size fits all approach. So the best way to really take advantage is by letting an expert provide a quote, and savings, individual to you.”
£2.1billion paid out
It is thought a drop in the number of car journeys made during national coronavirus lockdowns and localised restrictions are behind a significant fall in claims. A total of 324,000 claims were made between April and June, a fall of almost half from the previous quarter.
The value of claims settled during the period, which includes existing claims from previous quarters, also fell. A total of £2.1billion was paid out, down 5% on the previous quarter.
An ABI statement added: “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.”