One year on: car insurance pricing adapts to a COVID-19 world
We are please to bring you the beginning quarter 2021 version of the Confused.com Car Insurance Price Index in association with Willis Towers Watson .
barely over a year after COVID-19 restrictions were first introduced in the UK, we can assess the still blossom affect on car indemnity premiums. Prices fell by 14 % in the period from 1 April 2020 to 31 March 2021 .
About the Car Insurance Price Index
The Confused.com Car Insurance Price Index in association with Willis Towers Watson monitors cable car indemnity price trends in the UK, with compendious results published quarterly. All figures quoted are for comprehensive cover .
The Index is compiled from anonymous applicant data and uses the average of the five cheap prices received in reception to all enquiries on Confused.com, one of the UK ’ s leading comparison sites .
The Index is one of the longest established in the diligence, having collected data on pricing trends since the final quarter of 2006. furthermore, millions of new quotes contribute to each quarter ’ south findings. This makes it the most comprehensive examination current insight into price trends, peculiarly as it is focused on the dominant monetary value comparison channel .
average prices fell by 6.4 % in 2020 but barely moved in the second half of the class as companies continued to contemplate the combined uncertainties of the time of an end to the COVID-19 crisis, ongoing claims trends and the potential shock of the ongoing Financial Conduct Authority reference into general policy pricing practices.
Read more: Car insurance in the UK
The latest headlines include :
- The average UK premium fell by 6.5% in the first quarter of 2021, the fourth largest quarterly percentage decrease since the start of the Index in 2006.
- Average prices have fallen 14% over the last 12 months, the biggest annual price drop since 2014.
- Annual price reductions have tended to rise with age, with those 20 and under receiving single digit percentage decreases.
- A large proportion of lower annual percentage price decreases were concentrated in and around the London area.
- Annual mileage-based price decreases for declared mileage of up to 5,000 were below the overall index average.
To request a replicate of the quarterly results and to be added to the tilt for future mailings, please complete the mannequin .
In the first quarter of 2021, the average UK bounty fell by 14
Over the last 12 months, average prices have fallen
A subscription service is available, disclosing the results of this analysis for comprehensive motor policy at a a lot more chondritic level and on a monthly basis, thereby providing a deep insight into market price movements .
- This offers subscribers a detailed summary of average premiums by factor and geography with the structure and parameters of a multiplicative market model.
- The service is available to organisations that are not currently Confused.com partners and is identical for all subscribers.
- No analysis of individual insurance providers’ prices is possible. The Index is compiled using anonymous customer data.
If would like to know more about the monthly index subscription service and how to subscribe, please electronic mail Graham Wright or Patrick Tingay .