Cost of insuring cars goes up again
The average price paid by motorists for an annual comprehensive motor insurance policy rose by 2.1% in the second quarter of 2015 compared with the previous quarter, according to figures released today by the Association of British Insurers ( ABI). The ABI’s Quarterly Average Private Comprehensive Motor Insurance Premium Tracker shows an average premium of £367 for the three months of April, May and June, up from £359.
The year-on-year increase compared with the second quarter of 2014, when the average premium was £356, is 2.9%.
Average premiums remain lower than they were in the second quarter of 2013 (£377) when the Government introduced reforms to the civil justice system including a reduction in fixed legal fees for personal injury claims. Since the reforms insurers have passed £ 1.1billion of savings onto motorists.