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Motor insurance premiums fall by almost £50 in two years

Date: 05/02/2015 03:43:33
Category: Insurance
Author: Laura Varley

Over the past two years the average motor insurance premium has fallen by almost £50, new figures from the Association of British Insurers (ABI) reveal.

In 2012 the average price motorists paid for comprehensive cover was £409, lowering to £374 in 2013 and £360 in 2014, reports theguardian.com. However, that average crept back up to £372 in the final few months of 2014, due to falling oil prices and other factors including drivers using their cars more. Increased car usage leads to more accidents, which in turn causes more people to make claims on their car insurance, the ABI claims.

Despite this, it is possible car insurance premiums will drop even further, as changes are being made to the way people make whiplash claims, reports moneyfacts.co.uk. Aviva, Britain's biggest insurer, stated that if motorists with short-term whiplash injuries were given rehabilitation instead of a cash payment, the premiums would decline by £32.

James Dalton, head of motor and liability at the ABI, said insurance cheats should be put off from making false whiplash claims once MedCo begins to oversee the production of independent medical reports in April.

"The motor insurance market remains highly competitive, with insurers delivering on their commitment to pass on savings to customers following the introduction of reforms to the civil justice system," he noted.

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