PANDEMIC SENDS MOTOR RATES TO FOUR YEAR LOW

Motor insurance rates in the UK have hit a four year low, driven by the effects of the pandemic, according data from the Association of British Insurers (ABI). The average price paid for comprehensive motor insurance in 2020 was down 1% on 2019, its lowest level since 2016. The average premium paid in the fourth quarter of last year was down 3% on the same quarter 2019. The latest figures come after an unprecedented year for motor insurers, according to the ABI. Insurers have had to adjust policies and premiums to reflect fewer miles being driven during the lockdowns, it said.