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The price of motor insurance continues fall more action needed ensure lower premiums ABI

The price paid for the average private comprehensive motor insurance policy fell slightly in the third quarter of this year, according to figures published today by the ABI.

The ABI’s quarterly average private comprehensive motor insurance premium tracker published today shows that the average premium paid fell by £2 to £356 over the previous quarter. Over the past 18 months the average premium has fallen by 7%, which has resulted in over £700m in lower premiums being passed onto motorists.

James Dalton, the ABI’s Head of Motor and Liability, said:

"Insurers continue to deliver on their commitment to pass on savings to customers following the introduction of much needed reforms to the civil justice system, including the reduction of excessive legal costs, last year. We welcome further Government action to ban inducements from claimant solicitors that encourage fraudulent whiplash claims.

"But work needs to continue to ensure that the new system for producing whiplash medical reports by accredited independent medical experts is introduced quickly and effectively to ensure that honest motorists continue to benefit from lower premiums through the Government reforms.”

More information is available in the ABI's industry data section.

ABI Motor conference 2014Hear more about the ongoing civil justice reforms, including those aimed at tackling whiplash claims, and from keynote speaker Chis Grayling, Justice Secretary, at the ABI Motor Conference on Tuesday 2 December 2014 - find out more and register you place now.

Last updated 01/07/2016