According to the insurers, the average price paid for motor insurance has declined in its first quarter in two years. For first time Car insurance premiums fall in two years.
Despite the decline, the average cost during the first quarter of 2018 was highest, which the Association of British Insurance (ABI) has ever seen at this time of the year.
ABI’s latest motor insurance premium tracker found that the average price paid for private comprehensive motor insurance was £ 478, down from £ 13 in the last quarter of 2017, as well as the first quarter decline in premium in two years.
The index, which was launched in 2012, consumers paid prices for their motor insurance, rather than quotes.
ABI said that £ 478 is the highest average premium registered for the first quarter of any year.
This marks the growth of £ 14 in the same quarter of the previous year.
ABI said that the price of motor insurance is subject to seasonal trends and due to the new car registration in March, the average motor insurance premium may fall in the first quarter of the year, which increases the demand of motor insurance, which leads to higher competition.
For first time Car insurance premiums fall
It said that the Civil Liability Bill, which changes the personal injury compensation system in England and Wales, may also have contributed to a more clear decline in the first quarter of the year.
Rob Cummings, assistant director of ABI, head of Motor and Liability, said, “This small fall in the last few months has brought some relief to motorists, this is the reason for the underlying cost pressures from things like seasonal trends and personal injury claims. Is consistent. Have been “
He continued: “The civil liability bill is now going through the parliament, will repair a broken system and help millions of motorists whose premiums were going up and over the last two years.”