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Motorists see car insurance premiums fall by 8.9 per cent over 2013

Date: 29/01/2014 13:58:51
Category: Insurance
Author: Richard Towey

New research shows motorists gaining some much needed respite last year as car insurance premiums fell by an average of 8.9 per cent compared with 2012.

Figures from the Association of British Insurers (ABI), which represents 90 per cent of the private car insurance market, show the price of the average annual car insurance premium dropping by £36.

This was pinpointed at £370, lower than the £406 seen in the same period a year earlier.

As reported by bbc.co.uk, the figure is based on the amounts that people paid when renewing their policies in the first three months of the year.

The ABI has attributed the drop to a change in the civil litigation system whilst highlighting that further savings could come from the industry's efforts to tackle fraudulent claims.

James Dalton, the ABI's head of Motor Insurance, told freshbusinessthinking.com that while the readings represented positive news for a nation of motorists, there is still plenty more work to be done the cost of putting cars on the road.

"The nine per cent fall in the average comprehensive motor premium last year shows that insurers are fulfilling the commitment they made to the government to pass savings from changes to the civil litigation system to hard-pressed motorists through lower car insurance premiums," he commented.  

"But more can be done to get premiums even lower which is why the government needs to press ahead with tackling exaggerated and fraudulent whiplash claims which honest motorists are sick of paying for through their insurance premiums." 

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