Auto insurance prices continue to fall amid coronavirus crisis

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Auto insurance premiums have continued to fall amid the coronavirus crisis, but the cuts become less dramatic as the year drags on. That’s the conclusion of the analysis of the price comparison site MoneySuperMarket.com, which tracks the cost of insurance on a quarterly basis.

According to the website, the average price for a year of insurance was £ 473 in Q3 2020, down 6% from the £ 503 average seen in Q4 2019. MoneySuperMarket says the reduction is believed to be linked to the coronavirus lockdown and the resulting drop in traffic, which has reduced the number of accidents and insurance claims.

However, the figures suggest that the price cuts are slowing, with the average third-quarter premium being just £ 2 lower than in the second quarter. The months of July, August and September also saw a slightly higher average premium than the same three months of 2019, but only by a negligible amount of £ 1.

Figures from MoneySuperMarket showed East London drivers pay the most for car insurance, with an average premium of £ 950. North West London was far behind, although the average premium was still £ 875, while other parts of London rounded out the top five.

The highest premium outside of London was found in the city of Bradford, Yorkshire, where the average cost of comprehensive insurance for a year is £ 746. Manchester and Oldham were the only other regions outside of London to make the top 10, with average bonuses of £ 729 and £ 720 respectively.

In contrast, the regions of Scotland, Wales and South West England were among the cheapest places to insure a car. The remote Isle of Lewis was at the top of the tree, with an average premium of just £ 293, while Dorset town of Dorchester was second, with a year of insurance costing an average of £ 295.

Other regions to make the top 10 included Exeter, Inverness and Truro, as well as Llandrindod Wells in central Wales and Kirkwall in Orkney. All five regions can boast of having average annual insurance premiums of £ 300 or less.

traffic on the M4 motorway near Cardiff

“Our research shows that prices continued to decline in the third quarter, but not at the same rate as in the quarters prior to this year,” said Dave Merrick, auto insurance spokesperson for MoneySuperMarket. “This could be explained by the relaxation of foreclosure measures and the resulting increase in traffic on the roads – something that could be factored into insurers’ pricing decisions.

“Whether the prices go up or not is hard to say, but if your policy needs to be renewed, the best way to make sure you’re getting the right policy for your needs, and at the right price, is to shop around for a better one. offer – this can save you up to £ 285.

Man making auto insurance claim online using laptop


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