The Association of British Insurers (ABI) has recently issued the UK Insurance and Long Term Savings Key Facts 2015 publication. Included in this document are some interesting statistics relating to motor insurance some of which we thought we would share with you.
• Back in 2013, there were 26.7 million households in the UK and of those there were 20.1 million households that had motor insurance policies in place – a significantly high percentage.
• On a daily basis, insurance companies pay out an average of £27 million to drivers in respect of claims that have been made to cover personal injuries as well as repairs to motor vehicles. Of this figure, domestic claims accounted for £19.7 million and commercial claims came to £7.3 million.
• 52% of motor insurance is bought by customers either through the likes of a price comparison website or directly with the insurance company.
• It was as far back as 1994 since the motor insurance industry last made a profit from underwriting. In 2014, a loss of £31 million was made.
• The average motor insurance premium as at the 30 June 2015 stood at £367 per annum. This is a drop of 12% when compared with 1st January 2012.
• The average amount of every type of motor insurance claim was £2,649. The average claim for bodily injury came to £10,680.
The above publication also covers things like household and life insurance so you may want to consider reading it as it does contain some interesting information.
The motor insurance industry is extremely competitive so it may be worth shopping around to see if you can get a better deal on your car insurance when it comes up for renewal or if you are looking for cover for the first time. Do make sure that you are comparing like for like when you are obtaining quotes.