UK car insurance premiums drop to their lowest level since 2015 in the first quarter: survey
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(Reuters) – The cost of comprehensive car insurance in the UK fell 14% in the first quarter of 2021 to its lowest level since 2015 as various phases of lockdown in the country kept motorists off the road, a survey found.
British motorists now pay an average of £ 538 (US $ 747.01) for their extensive car insurance premiums, according to the latest index from price comparison site Confused.com in partnership with insurance broker Willis Towers Watson (NASDAQ :).
“The impact of fewer drivers on the roads has resulted in fewer claims, giving buyers some of the biggest savings on their car insurance in nearly six years,” said Louise O’Shea, chief executive officer of Confused.com survey report.
“The sensitivity of the current business climate means these savings could not be achieved at a better time.”
British motor insurer Admiral Group (LON 🙂 and Direct Line saw an upturn in their financial data for 2020 due to fewer claims last year.
In the first three months of 2021, premiums decreased by 7% compared to the previous quarter. This was the result of a survey that used an updated calculation method.
“The magnitude of the premium reduction last quarter reflects the reality of a significantly better claims experience with consecutive COVID-19 lockdowns,” said Graham (NYSE 🙂 Wright, UK head of P&C Personal Lines Pricing at Willis Towers Watson.
Male and female drivers aged 71 and over benefited more from the drop in prices than other age groups. They posted a 9% quarterly price decline and increased their annual premiums to £ 410 and £ 346, respectively, the survey found.
($ 1 0.7202 pounds)
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