UK car insurance premiums drop to lowest since 2015: WTW survey

The cost of a comprehensive car insurance policy in Britain fell 14% in the first quarter of 2021, to its lowest level since 2015, as various phases of lockdowns across the country prevented motorists from driving in the street, according to a survey.

British motorists now have to pay 538 pounds ($ 747.01) on average for their full car insurance premiums, according to the latest index from price comparison site Confused.com in association with insurance broker Willis Towers Watson.

“The impact of the decrease in the number of drivers on the roads has resulted in a decrease in claims, which has allowed buyers to realize some of the largest savings on their auto insurance in almost six years,” said the director. General of Confused.com, Louise O’Shea, in the press release. investigation report.

“The sensitivity of the current economic climate means these savings could not come at a better time. “

UK auto insurers Admiral Group and Direct Line have seen their 2020 finances increase due to declining claims over the past year.

Premiums in the first three months of 2021 are down 7% from the previous quarter, according to the survey which adopted an updated calculation methodology.

“The magnitude of the premium reduction seen in the last quarter reflects the realities of a significantly better claims experience amid successive COVID-19 lockdowns,” said Graham Wright, UK head of line pricing. personal P&C at Willis Towers Watson.

Male and female drivers aged 71 and over benefited more from lower prices than other age groups, recording a quarterly price drop of 9%, bringing their annual premiums to 410 pounds and 346 pounds, respectively, according to the survey.

($ 1 0.7202 pounds) (Reporting by Indranil Sarkar in Bengaluru; editing by Sherry Jacob-Phillips)

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Auto Trends Willis Towers Watson

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