Auto insurance prices drop the most in seven years

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Auto insurance costs have fallen the biggest drop in seven years due to drivers spending less time behind the wheel, new figures show.

Average UK premiums between January and March were £ 87 lower than the same period in 2020, according to price comparison website Confused.com.

This is the largest annual decrease from the 12 months to the first quarter of 2014.

The firm said the latest figures reflect the reduced level of risk on the road, with a survey of 2,000 motorists indicating that the average annual mileage fell from 7,239 to 4,113 during the virus crisis.

The survey suggested that not all motorists get cheaper insurance, with 45% of those who received their renewal quotes in the past three months saw the price increase by £ 45 on average.

Almost half of this group (48%) chose to stay with their current insurer, despite rising costs.

Confused.com CEO Louise O’Shea said: “It has been just over a year since we first went into lockdown and it has triggered many changes in the way we use our cars.

“And it’s a change that might be here to stay for the foreseeable future, so it just seems fair that our auto insurance costs are cheaper to reflect that.

“What we’re seeing is the biggest drop in prices in almost six years. But it’s important to remember that these lower prices only benefit those who shop.


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