GoCompare comments on ABI Motor Insurance Premium Tracker
Most drivers are still paying historically very high prices for their car insurance
The latest ABI Motor Insurance Premium Tracker shows that the premiums paid by motorists have fallen in the last quarter. However, as GoCompare points out, they remain at historically high levels.
Matt Oliver of GoCompare <https://www.gocompare.com/car-insurance/> Car Insurance comments: â€œThe ABI figures are good news for drivers, but the problem of high car insurance premiums hasn't gone away. The average motorist is still paying around 80 more for their insurance than they were back in 2014. 1.
The truth is that premiums rose sharply for three years to the end of 2017 and we are only now starting to see a slight adjustment. Therefore, most drivers are still paying very high prices for their car insurance. Â
The drop is likely to be the result of insurers pricing in potential savings from new rules to kerb whiplash claims, which could cut the average insurance premium by Â£35 a year.Â But this may be an isolated reduction, if further action isn't taken to tackle other inflationary pressures in the market and the impact of the compensation culture in general.
Drivers have been very focused on shopping around in recent years to try and beat the price rises dished out by their insurers at renewal, and the danger now is that they will see â€˜car insurance premiums falling headlines and take their eye off the ball.
Insurers don't just hand out savings to existing customers, you usually have to switch to a new provider to get the best deals. Therefore, it is as important as ever now not to simply accept your next renewal quote and shop-around to see which insurers are prepared to give you a better price for the cover you need.
For more information and tips on how to reduce your car insurance premium: HERE
Notes to editors
1. Taken from the ABI's own Motor Insurance Premium Tracker data.
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