Falling costs of insuring your car in the region in lockdown

CAR insurance costs in the East Midlands have dropped by over £40 over the past three months.

Drivers in the region are paying on average £753 for their car insurance, as prices dropped by £41 (5 per cent) in the past three months, and £4 (1 per cent) year-on-year.

The figures come from the latest car insurance price index from Confused.com.

Motorists in Northampton are benefitting from the biggest savings as prices have fallen by £43 (6 per cent) since March and by £12 (2 per cent) year-on-year.

Drivers in the area can now expect to pay £685 for their car insurance, on average.

Louise O’Shea, chief executive at Confused.com, said: “The past few months have been incredibly challenging. So it’s a relief to see a drop in car insurance costs, which is an expense we can’t avoid.

“The UK going into lockdown caused a sharp drop in traffic levels, which means the risk of high claim pay-outs has been lower for insurers over this period.

“This is likely to have contributed to this U-turn we’re seeing in car insurance costs in the East Midlands.

“It’s likely that as lockdown conditions ease, prices will change further as insurers continuously readjust to the situation.

“We are keeping a close eye on things so that we can update our customers on any changes that may affect them.”

DR LUKE Evans, MP for Hinckley and Bosworth has welcomed the government’s new mini-budget scheme and its proposed benefits for the UK economy.

He says the scheme will benefit food, hospitality and service industries and welcomed the stamp duty holidays for property buyers and new job retention projects.

With pubs, hairdressers and restaurants now reopened, along with grassroots sports clubs, swimming pools and gyms, communities are easing out of lockdown. But Dr Luke warned that local businesses are still in need of vital financial help to get back on their feet.

He is urging residents of Hinckley and Bosworth to get on board with the mini budget and do their part in helping hairdresser’s, beauticians, cafés and other non-essential businesses in the area stay open.

In support of the mini budget, Dr Evans said: “As our economy bounces back from the devastation of lockdown, it is vitally important that we all do our bit where we can to support local business.

“The recovery from this virus will be in part to the decisions we all make regarding our health and the economy.”

Dr Luke has also applauded residents for following government health and safety guidelines closely - and remaining clear of areas such as Leicester which are under local lockdown to help prevent further outbreaks of Covid-19.

Introduced by Chancellor Rishi Sunak, the mini-budget is a follow-up to the first budget introduced by the government in March - which covered 80% of payments to employees on Furlough and issued small loans to businesses impacted by the UK lockdown.

Some of the ways the new scheme will impact on people’s finances are as follows:

• A VAT reduction from 20% to 5% on any eat-in or hot takeaway food and non-alcoholic drinks from restaurants, cafes and pubs. The discount is valid from 15 July until 12 January 2021. A Green Homes Voucher scheme for homeowners and landlords to help them save money off their energy bills by up to £5000, making houses more green and eco-friendly.

A VAT reduction from 20% to 5% on all holiday accommodation in hotels, B&Bs, campsites and caravan sites; and, attractions like cinemas, theme parks and zoos. The cut is valid from 15 July until 12 January 2021.

A Job Retention Bonus Scheme offering a one-off £1,000 payment to employers for each furloughed employee who remains continuously employed until 31 January 2021. The temporary scrapping of stamp duty on all homes under £500,000. The Holiday will apply to all first-time buyers and residential purchasers, lasting until 31 March 2021.

A kickstart scheme worth £2 billion will give 16-24-year-olds a paid supported job, finding employment for roughly 350,000 jobless Brits. Paying businesses up to £2000 to take on trainees and apprentices. The scheme will be worth £111 million and firms in England will be paid for every 18-24-year-old trainee worker they take on.

Bills will be slashed by 50%, up to £10 per person, on meals and nonalcoholic drinks for Brits who are dining at participating restaurants, cafes and pubs. The discounts will be running every Monday - Wednesday in August.

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If you wish to get in touch with Dr Luke Evans, you can reach him via mobile phone on 07920 619812, e-mail luke.evans.mp@parliament.uk or visit www.drlukeevans.org.uk