Motor insurance prices drop to lowest level in six years

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New policy prices rose but renewals fell after an official ban on excess premiums for loyal customers. The Association of British Insurers said the average annual price for comprehensive cover in the first quarter of the year was £416 – a five percent drop on 2021.

The ABI said new laws had helped to tackle the high number and cost of whiplash claims.

However, it added: “Like other sectors, motor insurers face rising costs.”



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