Car insurance prices fall during height of lockdown
We are pleased to bring you the second quarter 2020 edition of the Confused.com Car Insurance Price Index in association with Willis Towers Watson
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About the Car Insurance Price Index
This quarter represents the first real opportunity to assess the effects of COVID-19 on UK car insurance prices.
With the various degrees of lockdown restrictions in force over much of the quarter, and the resulting fall in car usage and claims, it’s no surprise that car insurance prices fell by just under 5%. But the reasons behind the fall and the potential lasting impacts of COVID-19 on premiums go deeper than that.
The latest headlines include:
- The average UK premium fell by 4.9% in the second quarter of 2020.
- On an annual basis, prices have fallen by an average of 2.4%.
- The average £40 that policyholders saved during the quarter pushed the average premium below £800 once more to £770.
- Pricing in the quarter reflected changes in the quote profile such as the impact of telematics providers having to drop out for a while, a higher proportion of quote requests from drivers with higher levels of no claims bonus (NCB) and an uptick in quote requests for lower levels of declared mileage.
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Subscription services
In July 2014, Willis Towers Watson and Confused.com launched a subscription service, disclosing the results of this analysis for comprehensive motor insurance at a much more granular 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 email Graham Wright or Patrick Tingay .